The financial transition into retirement can be daunting. A suddenly lower income often leads to lifestyle changes. These adjustments aren’t always easy, especially if you’ve landed in retirement without as large of a nest egg as you hoped to have. Even if you knew your budget would downsize, it can be tough to know just how to spend and where to cut back.
To live on a small budget during retirement, it can be helpful to:
- Pay attention to your spending.
- Set aside funds for unexpected costs.
- Plan meals in advance.
- Live in a low-cost setting.
- Opt for secondhand items.
- Explore cheaper travel options.
- Maintain your current household.