15 Ways to Stretch a Limited Retirement Income

You may have planned on retiring with a nest egg worth millions. But if that's not how it actually turned out, and you're now limited to a modest Social Security check and minimal retirement plan withdrawals, you may be feeling the financial crunch. Here's what you can do to make your income go further.

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Following a budget will give you a clear sense of what your expenses look like. It may also help you find ways to reduce your spending so you can make the most of the income you're privy to. You can set up a budget using a spreadsheet or even keep one on paper.

Your home may be your largest expense in retirement. Downsizing to a smaller space could free up money for your remaining bills, so it pays to look at moving to a smaller home if your children have all moved out and you have more space than you need.

ALSO READ: How to Know When It's Time to Downsize Your Home

If you're no longer working, it means you may have the option to unload a vehicle. Going from a two-car household to a single car could result in lots of savings when you factor in expenses like maintenance and auto insurance.

If you don't own a home in retirement, a simple conversation with your landlord could leave you paying less money in rent. Landlords will often work with tenants who are respectful and reliable, so if you fit that bill, you might snag a discount.

Food costs can be high for seniors, but if you shop savvily, you can slash your grocery spending. Make an effort to scope out sales before you hit the stores. If you're no longer working, you may have ample time to run to several supermarkets a week if doing so results in savings.

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There are certain household items you might go through quickly. Purchasing those in bulk could result in significant savings. Just be careful when buying perishables in mass quantities. You don't want to end up having food spoil on you.

ALSO READ: Here's How I've Mastered the Art of Buying Groceries in Bulk

While you do need entertainment during retirement, you may not need the setup you currently have. If most of your cable plan's channels go unwatched, consider downgrading or switching to a less costly streaming service instead.

It's important to stay busy during retirement, but that doesn't mean you have to spend a fortune to keep yourself occupied. You'll slash your spending by seeking out free activities like hiking and community center programs. And don't forget your local library -- it's a great source of free entertainment.

Many businesses offer discounts to seniors, from restaurants to museums to movie theaters. Maintain a list of the discounts you're entitled to so you know when to capitalize on them.

Opting for the right Medicare plan could make your healthcare costs less expensive. If you're on original Medicare, make sure to find a Part D drug plan that doesn't leave you liable for excessively high co-pays. And if you're on Medicare Advantage, make sure your plan is cost-effective.

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Medicare offers a host of free services, from screening tests to annual physicals. It pays to sign up for these, as they could help you get ahead of health issues that, if left neglected, become more expensive to treat.

It may be possible to switch from brand-name medications to generics. If you do so and order your pills in bulk, you might spend less on them.

There are some parts of the country where the general cost of living is cheaper than others. Spend a little time researching your choices, because relocating could be your ticket to spending less across the board.

ALSO READ: Should You Relocate in Retirement?

There are 13 states that impose taxes on Social Security benefits. Avoiding these states could help you keep more of that money. That said, many of the states that tax benefits also offer exemptions for lower earners, so it's worth seeing what those income thresholds entail.

Multigenerational living has grown increasingly popular through the years. If you're stuck with a limited income, it could help to move in with younger family members, or have them move in with you. That way, you can split your housing and utility costs.

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Presented by Motley Fool Stock Advisor
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The last thing you need during retirement is financial stress. Follow these tips to make the most of your income -- no matter what it looks like.

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