Tuesday, May 18, 2010
We often become so caught up in the amount of money we need to retire that we tend to forget to step back a moment and consider how we might cut costs during this crucial time in our lives. In retirement, cutting expenses can be just as effective as increasing income – it’s often six one way, half dozen the next. Money is money, and the less you have going out, means the less you need coming in.
While retirement savings are certainly an important aspect of living out your golden years in peaceful financial security, you may be able to reduce the amount needed to find this security by eliminating certain expenses. While most of us will vary in the incomes we need (or feel we need), our personal lifestyles and living standards, and what we feel might be cut or reduced when it comes to our retirement expenses, there are certain areas that might be more prone to trimming when looking for ways to save money in retirement.