Many people make the mistake of not thinking about their retirement nest egg until it’s too late. Or worse, they assume they will simply live off of their social security payments and all will be well. Sadly, many seniors who are currently trying to live off of their social security payments are struggling and barely able to make ends meet. On top of this already dismal news, there is constant talk from both sides of the political aisle of cutting social security benefits even farther. The bottom line is, you can’t depend on these payments to get you through your Golden Years. You’ve got to be proactive now to make sure you have enough income set aside.
Here are 5 ways you can avoid running out of money during retirement.
1. Live Below Your Means
This is perhaps the most pragmatic piece of advice we can offer, but it’s not always one people want to hear. Money tends to have an ebb and flow to it and your spending must match that ebb and flow. When you are making more, you have room to spend more.