After years of saving and paying their dues, most people look forward to the day when they can finally able to enjoy the fruits of their labor. Retirement is a time where people can do all the things they weren’t able to do while were working the daily grind.
However, even after investing their money wisely, it’s still possible not to have enough money to live well during the golden years. Here are four ways to maximize savings throughout retirement.
One of the best ways to make your retirement investments last is downsizing. Unless the home is paid off in full, future retirees should consider finding a less expensive home or sharing your current home with others. Since only 30 percent of money should go towards housing, it’s important to live somewhere that’s affordable.
Create A Financial Plan
An ounce of prevention is worth a pound of cure, so it’s important to start saving as early as possible. Many places of employment match employees’ contributions into 401k saving plans. The key is to maximize retirement investments is starting as early as possible. People who save only $20 dollars a day in their thirties can have close to a million when their over 65.
Look For Other Ways To Save
In addition to affordable housing, look for ways to cut monthly expenses. Far too many people pay for monthly services they don’t even use. These can include grocery delivery, cable television packages and even internet services. Only pay for services or subscriptions that are necessary.
With the high cost of living, it’s no wonder people are waiting longer to retire. Years ago, people usually entered retirement between the ages of 63 to 65 years old. Now, it’s not uncommon to see people working well into their seventies. Not only does this provide a steady income, it also boosts brain power. For those who don’t want to work full-time, a part-time job is possible while receiving Social Security benefits.
With more people living well into their nineties, having enough money to cover living expenses, in addition to medical expenses, goes without saying. And although we’re seeing dramatic increases in the overall cost of living, it is possible to save money and live well. All it takes is a little financial planning.