5 Ways to Cut Costs in Retirement and Stretch Your Savings
Many seniors worry about running out of money in retirement. And that's a valid concern.
The truth is, you can save diligently throughout your career, but if you're not careful about how much you spend as a senior, you nest egg can quickly get depleted. That's why it's important to not only follow a retirement budget, but aim to keep your expenses as low as possible. And here are a few ways to accomplish the latter.
You'll often hear that downsizing makes sense in retirement, since a smaller home is apt to cost you less money to live in and maintain. But actually, when it comes to housing costs, less square footage doesn't necessarily mean less of an expense. If you trade in your 2,500-square-foot suburban home for a 600-square-foot apartment in a major metro area, you may find that the latter results in a higher mortgage payment.
Source Fool.com
