Making Your Nest Egg Last

Posted on: March 31st, 2010 by

Nest eggs don’t necessarily go as far as they should these days.  A few simple cut backs in your lifestyle can add a few years to your savings.  Speaking to a financial adviser is the best way to adapt these changes to your current financial plan.  Here are a few tips:CPA Rockville - Savings

1) Exit expensive cities – Once you are no longer tied to your job, you are no longer tied to an expensive city with a high cost of living.  You should think about moving to a location where your retirement dollars will go further.  You should look for places with lower taxes, more affordable housing, and amenities for seniors.

2) Use your senior discount – AARP is available to anyone age 50 years and older.  They negotiate discounts for their members from hotel rooms to movie tickets.  Many businesses offer their own form of senior discounts, including Kohl’s Department Stores and Hyatt Hotels.  You just can’t be afraid to ask if they are available.

3) Get rid of your land line – Paying for both a cell phone and a land line is a redundant, unnecessary expense.  Pick the service with the most useful plan for your lifestyle and ditch the other.

4) Cut back your cable tv – Reduce the number of channels you pay for (there are hundreds of channels you never have or will watch).

5) Look for free entertainment – Retirees have an estimated 2,000 extra hours of free time to fill throughout the year;  you should come up with a plan to volunteer, garden, or play golf prior to retirement and not take up expensive new hobbies.

6) Buy used/almost new – Almost all consumer goods are available online at a fraction of the retail price.  Start checking out craigslist or Amazon when you are looking for items.  You may even be able to afford higher quality products on those sites.



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