15 Ways to slash spending in retirement.

If you’re a No More Mortgage client, you should be going into retirement debt free. And you should have significantly added to your retirement account growth. Unfortunately, many others will retire with a mortgage and most likely credit card too. And many of them will have to continue to work in what should be their retirement years.

Here’s a good article for everyone on how you can cut some of your spending in retirement and stretch your dollars.

Fifteen Ways to Slash Spending in Retirement

Retirees must adjust to new economic realities. Here, based on suggestions from financial advisers, are strategies to cut costs

By Ben Steverman

Workers approaching retirement are often told by experts that they will need only about 80% of their income after they stop working to maintain the same lifestyle.

After all, expenses fall when retirees don’t need to dry-clean their work wardrobe and commute every day. And they have more time to shop for deals and handle house and yard work themselves. Presumably, the children are out of the nest or have their own financial flight plan.

The problem is that many retirees soon discover the 80% rule of thumb doesn’t work. “I’m finding that to be unrealistic with today’s retirees,” says James R. Miller, president of Woodward Financial Advisors in Chapel Hill, N.C. “It is more like 100%.”

Go here to read the rest of the article on slashing your spending on retirement

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