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5 Tips To Keep Your Retirement Fund From Retiring Before You

stressed old manThe average life expectancy of people nowadays is higher. That means, if you want to retire early, you may want to spend your pre-retirement years making sure that you will have enough to live by.

However, this is proving to be easier said than done. A lot of the baby boomers have debts to pay off and that is seriously affecting their ability to save up for their retirement fund. A lot of them are opting to work longer and postpone retirement just so they have enough money to spend. If that is not appealing to you, then you landed on the right article.

5 ways your money can last your whole retirement

The thing is, it may not be a question of how much you can save but more of how you can stretch your retirement fund to last you until the end. Here are 5 ways that you can make sure your money will not fall short of your needs.

  • Work online. We know that you find it hardly appealing to work until your drop and we are not suggesting that. What we are suggesting is for you to find a means to earn without stressing yourself out. The great thing about online work for retired individuals is you only exercise your mind and not so much your body. When you grow old, you body is not as robust as it used to but your mind can stay as sharp as ever. An online career will help keep your mind occupied without tiring yourself out too much. It allows you to earn from home so you have a steady source of income that can supplement your 401(k) and Social Security benefits. That should give you the security that your money will not fall short.

  • Downsize your home. There are many ways that you can cut back on costs but downsizing your home is probably the most efficient. When you live in a smaller home, that means you will have smaller needs. You don’t have to spend too much heating or cooling the whole house. You can also get rid of the other stuff that cluttered your big old house. This is a great way to declutter your home. Not to mention it will be easier to keep it organized because it is a lot smaller.

  • Develop new skills. Another way to help keep your costs down is to learn new skills. When you retire, lounging in front of the TV will not be too appealing in the long run. You will start to itch for something to do and learning new skills is a great way to do that. By learning how to garden, cook meals or bake, you can lower your food and grocery costs. You can also learn how to change your car’s oil, mow your own lawn, and fix things around the house. These will occupy your time and also keep you from spending too much every month.

  • Know your benefits. The government provides a lot of benefits especially for senior citizens. These can come as financial aid for health related costs or debt. You may want to educate yourself about these so you when the time comes, you know where to get help. This will keep emergency situations from breaking your bank.

  • Learn about your tax savings. Seniors get a lot of savings on their annual taxes and this will help keep your retirement fund from falling short. Instead of using up your money to pay for taxes, you can avail of these savings. Not only that, you have to understand the lower income tax rates that you are qualified for – if you intend on working part time when you retire.

There may be more ways for you to make sure that your retirement money will last you a very long time – that will depend on your specific needs and capabilities. The key is to just prioritize where your money should be spent. Also, do not forget to enjoy life. That is the whole point of retiring.

Steps to lower retirement expenses by downsizing your home

Of all the tips that we mentioned above, it pays to concentrate on downsizing your home to help stretch your retirement fund to the limit. Here are 6 steps that you can follow to do this change in your life.

  1. Know what you need. It is great to be able to dream about a new and improved life. And when we say that, it does not only mean bigger things. It is opting for things that will satisfy your needs. Think about what you need when you retire and focus on that. Research the options that you have to achieve that lifestyle that you think you need to have.

  2. Start decluttering your home. We’ve mentioned earlier that downsizing is all about getting rid of too much clutter in your life. If you have books from your college days, you really do not need those. If you have stuff that your kids used to own, ask them if they need it so they can pick it up. If not, sell them. Hold a yard sale and start getting rid of these things as they will only weigh you down.

  3. Opt to sell your home first before you buy. This is a great way for you to keep yourself from shelling out money when you buy your new home. You can use the money from the sale of your home to pay for the new one.

  4. Look for real estate agents that can help you out. If you know nothing about buying and selling homes, look for a professional who can help you out. They can do the legwork of looking for a buyer and they can even help you find a home that you will buy simultaneously.

  5. Determine the home that you will buy. As all of these are coming into play, you may want to keep your eye out for the type of home that you will live in. Look at sites like or Determine where you want to live and your budget. That will help narrow down your search for a new home.

  6. Analyze your finances. When you have found the type of home that you want to live in, you may want to calculate the costs and see if you can afford it. This is a great way for you to set a price for your home and find out the price for the new home that you will buy.

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