Youve spent decades in the workforce earning a living, your schedule dictated by the demands of the job.
You finally have time to cross items off your bucket list or simply catch a midweek matinee movie.
The possibilities are endless.
Struggling to cope with financial stress? You’re not alone. See the stepsexperts recommendto deal with anxiety surrounding money.
Life may feel more relaxed and carefree, but financial responsibilities remain front and center.
In fact, nows the time you might need to be even more diligent about budgeting your money.
If you should probably wrangle your budget, it may be time to consider a savings challenge.
Sticking to a budget is vital so your retirement savings last.
That money youve squirreled away in your working years has to stretch for decades.
One popular rule of thumb is to have 25 times your average annual expenses saved up.
But how much money you need in retirement depends on the following factors.
Medicare wont cover everything, so consider other backup plans like long-term care insurance.
Perhaps one of your retirement priorities is allocating more for charitable giving or charitable donations.
Or maybe you intend to contribute significantly to the education of your grandchildren.
Make the Most of Your Nest Egg
Do be prudent about how much you withdraw.
To make your savings last, youve got to be prudent about how much you withdraw each year.
Do withdraw monthly instead of annually.
Dont skimp on professional personal finance advice.
Related:Smarten Up, Americans.
No Offense But Millions of Us Havent Used These 8 Money Secrets
3.
If you delay claiming benefits past your full retirement age, youll receive even more money each month.
However, theres no additional increase once you hit age 70. you’ve got the option to also look intolower-risk investment optionsto add to your portfolio.
About 40% rely on Social Security alone.
Need Some Quick Cash?
If youre looking to boost your income this month, weve got just the thing for you.
Dig up old receipts if you tend to pay in cash.
Group your spending into different categories to see where your moneys going.
Youll have fixed monthly expenses, like your mortgage, where the cost stays the same each month.
Other must-have expenses, like groceries and utilities, will vary.
For those, you should estimate your average monthly spend.
Your monthly retirement contributions will be a thing of the past.
Step 4: Allot More for Health Care Expenses
However, not everything will be budget cuts.
Youll have to account for new retirement expenses, like health insurance premiums your employer probably covered.
After all, Medicare doesnt cover all your health care needs.
Youll likely need to pay for dental, vision and hearing health care costs.
Getting tax advice from a financial professional is another smart move.
Step 6: Factor in Home Repairs
Housing costs are also important.
Even without a mortgage payment, those unexpected expenses add up quickly.
Do you want to travel?
Spend more time with your grandkids?
Explore a new hobby?
It wont all be cruise ships and Broadway plays.
That doesnt mean you have to live out the rest of your life kicking yourself for not saving more.
You have a few options to get by.
Take another look at your living expenses.
Are there any ways you could cut costs?
Slash your food spending with these tips to save money on eating in and dining out.
Consider downsizing to a smaller home or getting a roommate to save money on housing.
Take advantage ofsenior discounts.
Check out free activities at your local community center.
Find ways tosave money on traveling.
Seek out opportunities that match your interests so it doesnt feel like work.
Dont forget to enjoy this new stage of life.
You worked hard to retire you deserve it.
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Nicole Dow is a former senior writer at The Penny Hoarder.
