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Now that I am on a fixed income I want to make sure that I will have enough to live on. Can I make my retirement funds stretch?

Now that you have retired there is no doubt that you will be living on a fixed income. That may be true even if that income is from a retirement fund. You may be asking yourself, “Can I make my retirement funds stretch?”

Can I make my retirement funds stretch?

Sometimes budget stretching tactics just are not much fun, but they may be necessary in order to make life a little easier for the retiree. Here are a few tips that could help you to keep your expenses under control.

Pare your expenses down to size

You may have an extra vehicle that you really could do without. You might consider selling one of them in order to cut down on the added expense of upkeep and insurance payments. There may be other items that add regular expenses to your life that you could also get rid of.

Cut back on funding for others

If you have family members such as grown children who are relying on you for some of their financial needs you may want to discuss with them an alternative means for meating these needs. As well, if you make regular charitable contributions you could pare back on these.

Continue working a bit longer

If you have not already retired you might consider working for a while longer so that you can build up more of a retirement fund. If you are retired you could work part time for awhile as well.

Can I make my retirement funds stretch?

Using the tips above you should be able to stretch your retirement funds enough to ease the burden of a fixed income.