15 Ways to Stretch a Smaller Retirement Nest Egg

Many people have the goal of retiring with millions of dollars. But many people also inevitably reach retirement age with a much smaller nest egg than that. If that's the situation you're in, worry not. Here are a few things you can do to stretch your existing savings -- and live comfortably all the while.

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Your home may be your single largest monthly expense. And so swapping a larger home for a smaller one could save you a nice amount of money, especially when you account for expenses like maintenance, insurance, and property taxes.

ALSO READ: Could You Reduce Your Property Taxes in 2022?

Don't want to downsize? Instead of shrinking your costs by moving to a smaller home, take steps to monetize your existing home. If you're able to rent out a portion of it, the income you collect could make it so you're tapping your savings less frequently.

Once you retire, the amount of driving you need to do may be minimal, and so you may not need a car once you stop having a job to commute to. In that case, unloading a vehicle and hailing a rideshare a few times a week as needed could save you money when you account for costs like maintenance and auto insurance.

ALSO READ: 5 Common Auto Insurance Myths

Drive a fancier car? It may be time to swap it for a more basic model. It's one thing to bear the cost of a higher-end vehicle when you're using it every day to get to and from work. But if you're retired and won't be driving as often, downgrading to a simpler car shouldn't be as large a sacrifice -- and the savings at hand could be huge.

Some cities are walker friendly and have extensive public transportation networks. And as a senior, you may be entitled to discounted rail or bus passes. That means that if you're able to live someplace where you don't need a car, you might lower your monthly spending substantially.

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There are nine states that do not impose an income tax: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. Moving to one of these could help your nest egg last longer.

Dining at restaurants can get expensive -- even with those early bird specials. It pays to look at cooking your own meals rather than dining out if funds are at all limited. But don't make that a bad thing. Instead, research recipe ideas and enjoy experimenting in your kitchen.

Being savvy about utility usage could shrink your costs. That could mean turning lights off when you leave the room, taking shorter showers, or even investing in a programmable thermostat so you're not blasting the heat or air conditioning when you're not home.

You may be surprised at how easy it is to stay entertained on the cheap. If you don't have a ton of savings, look into low-cost options like hiking or programs at your local community center.

Seniors are privy to a host of discounts, such as reduced public transportation, museum entry, and movies. It pays to do your research to see what discounts you're entitled to.

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Presented by Motley Fool Stock Advisor
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Selecting the right Medicare coverage could leave you with lower premium costs and out-of-pocket expenses. Spend some time reviewing your options with regard to Advantage plans, as well as Part D drug plans.

ALSO READ: 3 Strategies to Make the Most of Medicare

Medicare enrollees are entitled to certain free services every year, like a wellness visit. Do some research into your benefits to see what services you're eligible for.

Medication can be a huge expense for seniors, but there are steps you take to spend less on yours. For one thing, ask for generics when possible, as that alone could be a money saver. Also, see about ordering medications in bulk for added savings.

If you're in good enough health, it could pay to hold down a part-time job in retirement. Doing so will give you a way to occupy your time, all the while adding to your income so you don't need to take money out of your savings as often.

Kind as it is to want to help your loved ones financially, if you're sitting on limited funds, you may need to cut back. That means not helping your adult children with their bills if you can't comfortably afford to do so.

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Presented by Motley Fool Stock Advisor
We hear it over and over from investors, "I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of "5 Growth Stocks Under $49" for FREE for a limited time only.

It can be disappointing and stressful to enter retirement with less money than you may have initially counted on having. But don't despair. A few smart choices could make it so your nest egg lasts throughout your senior years -- and helps you maintain a nice standard of living.

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