3 Tips for Managing Your Spending in Retirement
Running out of money in retirement is a major concern for seniors, and understandably so. Market downturns can result in substantial losses for retirees, who have no choice but to withdraw from their savings to cover their living expenses, while unplanned bills can render even the most frugal seniors cash-strapped. If you're worried about depleting your nest egg prematurely, here are a few tips for keeping your spending in check later in life.
Some of the expenses you'll face as a senior may be relatively easy to predict. For example, if you pay off your home before retirement, you can take the average cost of property taxes, insurance, and maintenance to determine what it'll take to continue putting a roof over your head. And if you currently pay $120 a month for cable, chances are you'll pay something similar for that service once you retire (keeping in mind a slight uptick due to inflation).
IMAGE SOURCE: GETTY IMAGES.
Source Fool.com
