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. ...


Choosing the Correct Skin Care Cleanser

Using the correct facial cleanser is essential to getting desired results. Utilizing the wrong product can add to skin ...

Discover More

What are Chemical Peels?

Chemical peels use acids to retexture the facial skin. Desired results include removal of small scars or fine lines ...

Discover More

Preventing Mosquito Infestations

Reduce the amount of standing water to eliminate breeding grounds for mosquitoes. Encourage natural predators to prey on ...

Discover More
More Money Tips

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 ...

Discover More

When Should I Retire?

Deciding when to retire plays a big part in what your eventual monthly income will be. If you can hold off retirement ...

Discover More

How to Retire Early

You can retire early and pursue the life of your dreams whether that might be to travel, volunteer or get involved in a ...

Discover More

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}] (all 7 characters, in the sequence shown) in your comment text. You’ll be prompted to upload your image when you submit the comment. Maximum image size is 6Mpixels. 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 nine minus 5?

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