Living within your means is great advice for savers of any age, but if you’re staring down retirement and you only have a small nest egg, you’ll have to go one step further. Beyond simply living within your means, you might need to cut out some of your “wants” or luxuries if you plan on having a more secure retirement.
In some cases, the best way to save on your expenses might be to move to a less expensive city. The more you can live without now, the more breathing room you’re providing for yourself in retirement.
Moving doesn’t have to be your first step, though. Start small and cut out $25 in entertainment expenses each month. Over 10 years, that equals $3,000 in savings.
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