How to retire on less money

Category: Retirement

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If your retirement is approaching quickly and you haven’t quite saved up the amount you had hoped for, don’t fret—there are certain lifestyle changes you can make that can help you to still comfortably retire. These tips can also be helpful for those who are considering an early retirement.

Take advantage of discounts

As a senior citizen, you’ll often be eligible for many different discounts at various places, such as restaurants, movie theaters, and more. You might also want to join AARP for additional discounts.

Explore your housing options

You might want to consider downsizing your home, especially if you live alone and don’t need all the extra space. Another thing to consider if you live alone is to move in with a friend or family member, or ask a loved one to move in with you and be your roommate. Because housing tends to be a huge expense, exploring your housing options can be key to successfully retiring on a tight budget. You might also want to look into senior housing for reduced housing expenses.

Consider an international retirement

There are so many international destinations that make for an ideal retirement. Not only are there beautiful countries with perfect, year-round weather, but many of them offer low cost of living. Some popular choices include Costa Rica, Thailand, Mexico, and Malaysia, where your American dollars will last much longer than they would back at home.

Eliminate all of your debt

Although you don’t want to wipe out your savings completely, one of the best ways you can retire comfortably for less is to eliminate your debt, or at least pay off as much as possible. If you don’t have any debt hanging over your head by the time retirement rolls around, you’ll have fewer monthly payments to worry about, and you won’t be wasting money with interest fees.

Do you need extra cash to prepare for retirement? If you’re receiving structured settlement payments, Peachtree may be able to help. At Peachtree Financial Solutions, we can buy some or all of your future payments and offer you a lump sum of cash. Contact us today to learn more about how we can help and to receive your free quote. 

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: downsizing, early retirement, eliminating debt, relocating

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