Living on Your Retirement Income

by Anza Goodbar
(last updated November 22, 2011)

As we grow older, we tend to stop accumulating and think about living a simpler life. Retirement is a great time to continue the trend of downsizing. Many Americans have not planned well for their retirement and will be relying solely on Social Security Income. These funds may not be able to support the lifestyle you have lived thus far.

The most essential part of retirement is taking a good hard look at expenses and planning a budget. For some there will be retirement or pension from an employer or an IRA or 401(k); however many will rely on Social Security benefits to meet their monthly income needs.

One idea to make the retirement dollars stretch is to sell your home and move into smaller quarters that require less monthly output and maintenance. It may also be necessary to consider moving in with a family member. Many couples in their retirement years relocate to a community with a lower cost of living.

If you are a widow or widower, and you do not wish to sell your home or relocate, you might consider taking in a roommate. This one only would help financial, it would also provide companionship. Having a dual income would reduce the stress of meeting monthly obligations.

Take advantage of senior discounts. Many establishments offer coupons or discounts for services for anyone over 65. This can be a great cost savings when it comes to car repairs, medications or dining out. Along the same lines, using coupons can also cut grocery costs on items you ordinarily use.

It might be necessary to supplement retirement income with a part time job. Not only would it provide additional income, it will help you to stay active and involved in the community. Many people take a hobby and turn it into an income generating opportunity so there is still freedom of scheduling.

Many retirees utilize Medicare to cut down on medical costs. Medicare can help defray costs not covered by a hospital plan and is available to individuals age 65 and older.

Prior to retirement, if possible, pay off all of your debt. This could be car payments or credit cards. Reducing monthly payments can make all of the difference in meeting the monthly budget of your retirement income.

As you can see, there are many decisions to be made as on approaches the retirement years. Planning for it early can make the transition more pleasant and doable.

Author Bio

Anza Goodbar

Anza is a single mother of four who makes her home in Colorado. She enjoys writing, hiking and is an avid football and hockey fan. She is the owner of a virtual business services company; writing is just one of the many services her company offers. ...

MORE FROM ANZA

Choosing a Plastic Surgery Clinic

When seeking a plastic surgery clinic it is important to seek proper certifications. It is a good idea to ask to speak to ...

Discover More

Change Your Eye Color

Technology is an amazing thing. If someone dreams it, another person makes it a reality. Now there is more than one option ...

Discover More

Snow on the Mountain

Casseroles make for an easy dinner. Snow on the mountain was one of my kids favorite meals when they were growing up.

Discover More
More Money Tips

What is Early Retirement?

What is early retirement? While most people think that they know what this is, not very many people know how they can get ...

Discover More

Creating Your Own Retirement Plan

Retirement years should be filled with fun and relaxation, a reward for years of working hard. Many don't plan adequately for ...

Discover More

Preparing for Retirement

Preparing for retirement is an important step, and one that shouldn't be put off forever. While it is true that it is never ...

Discover More
Comments

If you would like to add an image to your comment (not an avatar, but an image to help in making the point of your comment), include the characters [{fig}] in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 8Mpixels. Images larger than 600px wide or 1000px tall will be reduced. Up to three images may be included in a comment. All images are subject to review. Commenting privileges may be curtailed if inappropriate images are posted.

What is eight minus 3?

There are currently no comments for this tip. (Be the first to leave your comment—just use the simple form above!)