Many experts say the traditional idea of traditional “retirement” is no longer a valid one. With costs of necessities rising quickly and returns on long term investments not being as robust as they were in the past, a new kind of lean and mean retirement is the way of the future.
Here are some ideas for reducing costs, or allowing money to last longer in retirement.
Ways to Stretch Out Retirement
- Work as long as you are able. If you are physically and mentally able to work, why not continue doing so. Staying productive in your late sixties and early seventies is a great way to remain active and healthy.
- Avoid tapping into retirement funds and resources as long as you can. This can go hand in hand with the first suggestion to keep working as long as possible. If you are able earn an income, your retirement savings funds continue to grow.
- Buy what you need and watch spending. While it might be tempting to get that car or boat you “always wanted” it might just not be in the spending budget given limited resources.
- Continue to focus on health and well-being. This means exercising, eating a healthy diet and staying on top of health issues as they arise. This can help to curb health care costs.
- Engage with family and friends on a regular basis. Eating dinner with friends or the kids, or inviting them over for dinner, can be much cheaper than eating out.
For any legal questions on retirement or retirement funds, contact legal experts at Stano Law Firm!
