How Can I Stretch My Retirement Dollars?

If your retirement savings isn’t as big as you’d hoped, or isn’t lasting as long as you had expected, here are some tips to help you stretch your retirement dollars:

1. Live Near Your Kids: If your children are inclined to help and live in a place that wouldn’t be terrible, you may find that being near your children and grandchildren can actually save you money—especially when your ability to do things for yourself diminishes. If your kids help you avoid costly time in assisted living, you may be money ahead.

2. Downsize: If you own your home, you may want to sell it and move to smaller quarters. If you are just starting retirement and likely have decades to go, you can get a smaller place. If you are mid-retirement, you may just want to get the proceeds from the sale to rent more modest quarters.

3. Move to Lower Cost City: Especially if you can’t afford to live near your children, you may be placed on moving to a retirement friendly, low cost community like Arlington, Texas; De Moines, Iowa; or Port Charlotte, Florida. (see a longer list atU.S. News & World Report (it.Ly/cDAeKt-RRB- These examples all feature senior friendly communities, with high quality health care, low cost activities and a low cost of living. Why not live somewhere fun and inexpensive if you can’t be the grandkids?

4. Care with cars: Reducing spending on cars should be comfortable in retirement. Most retirees drive less than they did before they retired. You can be easily by with one car and you won’t need in order to replace it as often because you won’t put as many miles on it. Don’t let old habits dictate when you purchase a car; carry out as long as it lasts. Take care of your car so it lasts a long time.

5. Think a Second Career: If you are still healthy enough to work, consider launching a second career. A study cited by U.S. News (it.Ly/ia4vh4) suggests that there are increasing career opportunities for seniors and that many are beneficial enough to enjoy working. Many of the jobs are in “health care, education, government, and social assistance jobs, ” depending on the research. The nature of these jobs is the fact that they offer a sense of fulfillment you may not have had when you were working on your first career.


Retirement is a challenge for the current generation of retirees, which include a larger proportion of people who retired principally relying on savings in a 401k or IRA rather than on traditional pension plans. If you are seeking to make ends meet, these ideas may help you enjoy a happier and more fulfilling retirement.