Senior Finances

Great Ways to Have an Enjoyable and Affordable Retirement 

Retiring and giving up your main source of income is always a stressful process, particularly given the uncertainties associated with your financial position in retirement. Finding ways to save money on retirement can be challenging but these tips can help.

Retirement Living Tips to Save Money

When you retire your income will decrease sharply, in most cases. Finding ways to improve on your retirement to save yourself financially can be smart.

Start by budging out your needs and having an list of your sources of income and the major expenditures that you have. Make sure that you are liquid for at least a year, and preferably two years of costs, but if you have the ability, continue to invest during this time so as not to lower your return. Just be able to avoid having to raid long term savings due to an immediate financial need and stay more liquid investment wise that you may have traditionally done.

Next, understand what you want your retirement to be and what costs to defer. When a couple first retires they may want to travel so that they can enjoy their retired years before they become too old to travel. Be prepared for these situations and learn how to benefit from discount vacation options. Know what you want in your retirement and design ways to achieve it.

Finding the Best place to retire on a budget

Most people have to pay attention to money and find ways to save during retirement by cutting down on your costs is easier to do in a budget friendly place. This isn't a best places to retire if you're not on a budget situation that is commonly reserved for just the uber wealthy, but rather a playbook for finding places to retire cheaply. Even when you are on a very fixed budget there are interesting places that you can retire to.

The cheapest option is often in an international country where the standard of living is much lower than the United States, where you have presumably saved a significant portion of your assets. An international country that is safe and provides an affordable and comfortable lifestyle is not impossible to find but common options include Latin America, some Caribbean Islands, Southeast Asia, and parts of Eastern Europe.

If you are looking to stay in the United States and you want to stay in an urban atmosphere, consider many of the smaller cities out there like a Charlotte, Pittsburgh, or Memphis. These small cities have a decent standard of living, safe communities where you can live, and enjoyable amenities.

Many small college towns and rural settings have even more affordable living options that can allow you to have an affordable and comfortable retirement without extending much effort. Some of these rural locations may not have much in the way of nightlife, but the serenity of the countryside might be comforting and enjoyable to experience.

There are many great ways to have a nice comfortable and affordable retirement. Choosing a great place to live and understanding your finances can help to put you in a position to affordable a great retirement.