When it comes to planning for your retirement income, it’s easy to overlook some of the common factors that can affect how much you’ll have available to spend. If you don’t consider how your retirement income can be impacted by investment risk, inflation risk, catastrophic illness or long-term care, and taxes, you may not be able to enjoy the retirement you envision.
Many seniors are no longer working and don’t have an income source. This can be a stressful factor to adjust to as you have only a fixed budget each month from savings and retirement funds. There are plenty of ways to save money that won’t leave you wishing you could go back to work. Here are a few ways to save money: