15 Ways to Make Your Money Last Longer During Retirement

One of the biggest fears seniors often admit to is running out of money in the course of retirement. If that's a concern of yours, you should know that some savvy decisions on your part could prevent that unwanted scenario. Here's how to help ensure that your money lasts as long as you need it to.

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Just as it's important to follow a budget during your working years, so too should you make sure to stick to one as a senior. That way, you'll have a good sense of where your money goes on a regular basis, and you'll be able to cut back on nonessentials if you see your savings getting depleted at a faster rate than you're comfortable with.

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Not only should you budget as a retiree, but you should also try to limit yourself to a certain withdrawal amount from your IRA or 401(k) plan each year. In fact, establishing the right withdrawal rate early on could help you avoid a scenario where you spend down your savings too quickly and are left with nothing later in life.

Housing is a major expense for workers and retirees alike. If you no longer need the same amount of space you once did, downsizing to a smaller home could shrink your housing costs and put more money back in your pocket.

Depending on your circumstances, you may be in a position to unload a vehicle during retirement, whether because you live in a walkable area, you have a great public transportation network, or you can get by with one car in your household instead of two. Getting rid of a single car could save you thousands of dollars -- on an ongoing yearly basis.

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Those early bird specials retirees seem to love? They may seem like a good deal, but it's still cheaper to cook your own meals at home. Doing so will help you save money.

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Once you're no longer working, you'll need to stay occupied -- but that doesn't mean you'll have to spend a small fortune in the process. Source low-cost entertainment options that allow you to enjoy your days without breaking the bank. Research different hiking trails, get into gardening, or take up a new craft or hobby that doesn't cost much.

Working is a great way to occupy your time without spending money, thereby allowing your savings to last. If you'd rather not have to answer to an employer at this stage of life, become your own boss. Open a business, or turn a hobby of yours, like baking, into an opportunity to make money.

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Volunteering is another great way to fill up your days. You can do marketing work for a charity you support, help care for injured animals, or be a resource for underprivileged children in your community.

The more money you throw away on interest, the more you'll risk depleting your savings. Make an effort to steer clear of all unnecessary debt during retirement. That means don't rack up a credit card balance or take out a loan unless you're faced with a true financial emergency.

Moving to a cheaper part of the country -- or the world -- could help you avoid spending down your savings at too rapid a pace. It pays to research different areas, keeping in mind that relocating may also allow you to enjoy a better climate and other amenities, like local entertainment.

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The more you're able to minimize your tax burden in retirement, the less money you'll lose to the IRS. One thing you may want to do is house your savings in a Roth IRA, so your withdrawals won't count as taxable income. Investing in municipal bonds will also allow you to enjoy tax-free interest payments two times a year.

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The more money you collect from Social Security, the less of a strain you'll need to put on your savings. You may want to consider delaying your Social Security filing beyond your full retirement age, which is when you're entitled to your monthly benefit in full. By waiting a bit, you can score a higher monthly payment you'll be paid for life.

When it comes to Medicare, you have choices, so select your coverage carefully. The right Part D drug plan, for example, could result in a world of savings based on the medications you take. Or, you may find that it's more cost-effective for you to sign up for Medicare Advantage rather than stick with original Medicare.

By tending to your health, you may be able to avoid certain medical issues that cost you money. In addition to exercising and maintaining a good diet, be sure to see your doctor for an annual physical. As a Medicare enrollee, you're entitled to a free one each year.

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There's nothing wrong with seeking help in the course of managing your money. A financial advisor may be able to assist you in developing strategies that make your nest egg last longer.

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As a retiree, the last thing you want to deal with is money worries. Follow these tips, and with any luck, your savings will be there for as long as you need them.

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