How Can I Stretch My Retirement Income Further?

Dear Donna:

As I begin my retirement, I’m trying to commit to sticking to a budget. While I do have some flexibility, my goal is to enjoy life but be prepared for the days when I’ll need more care and assistance.

I’m sure there are steps that I can take to make my money go further. I’ve never been a coupon clipper or much of a bargain hunter, but I will have more time now than ever before. So, I’m open to exploring cost-saving methods.

Do you have any suggestions for me?

Sincerely,

Steve in Saugatuck, MI

Cost-Saving Tips to Stretch Your Retirement Income

Dear Steve:

Retirement should be a time to relax, enjoy life, and pursue long-postponed passions—but for many retirees, making limited income last can be a real challenge. Rising costs, healthcare expenses, and longer life expectancy all put pressure on retirement funds. The good news? With a few smart strategies and lifestyle adjustments, you can stretch your retirement income further without sacrificing your quality of life.

While we aren’t financial advisors, we do have some practical ways to make your retirement income go further:

• Take advantage of senior discounts.

Many businesses offer discounts to seniors, but you often have to ask for them. From travel and restaurants to utility bills and gym memberships, even small savings can add up over time. The Senior List maintains a comprehensive database of places, such as travel companies and hotels, where seniors can receive a discount.

Also ask the stores you shop at if they offer senior discount days. For example, national drug store chains and grocery stores often have one day a week or month when seniors receive a percentage off their bill.

• Try to reduce debt load.

Carrying debt into retirement can quickly eat into your income. Focus on paying down high-interest debt, like credit cards or car loans, as soon as possible. Work on getting debts that have the highest interest rate handled first.

If you don’t have a financial planner, this is the time to consult one for more detailed guidance. Experts often recommend you connect with a fee-only fiduciary financial planner. They take a client-centered approach not based on commissions. You can search for one on the National Association of Personal Financial Advisors (NAPFA) website using your zip code.

• Cut unnecessary subscriptions and services.

Another tip is to review where all of your money is going each week. It’s easy to accumulate monthly subscriptions over the year. Streaming services, magazines, premium channels, and more can really add up.

Look at all of your credit card bills and auto-renewal accounts to evaluate what you truly need and cancel the rest. Cutting even a few small monthly charges can add up to hundreds of dollars a year.

• Rightsize your housing.

Housing is often the largest expense for retirees. Many people stay in homes where they raised a family and have more space than they need. Consider whether it makes sense to downsize to a smaller home or a senior living community.

Selling a large home and relocating can free up equity and significantly reduce monthly costs on utilities, taxes, and maintenance. By moving to an independent living community, for example, you’ll be able to enjoy your retirement more fully without the hassle and expense of maintaining a house.

The Bottom Line on Retirement Budgeting

Stretching your retirement income doesn’t have to mean making drastic changes. It’s about being mindful, strategic, and open to new possibilities. By budgeting wisely, cutting unnecessary expenses, maximizing benefits, and staying financially informed, you can enjoy a comfortable and fulfilling retirement for years to come.

If you do decide to consider a move to a senior living community, we encourage you to plan a visit to Heritage. With locations in Michigan and Indiana, there are a variety of communities from which to choose.

Kind regards,

Donna