8 Ways to Make Your Retirement Savings Last

4) Create a Retirement Plan

Crunching the numbers is important. You will need to know how much money is needed in order to live in the manner that you wish to during retirement. A lot of people avoid doing this simply because it stresses them out. But it’s actually better to know the truth, as it will help you to focus your mind on what you need to save and how to go about saving it.

So, create a monthly budget for retirement that is realistic – include every expense, from housing to insurance to food, clothing and entertainment. Don’t forget about car payments, utilities and smart phones, cable TV and Web connections. It’s possible to come up with a life plan for retirement once you’ve crunched the numbers. For example, you may wish to sell a home and downsize, with a mind to accessing a lower monthly cost of living.