What can you do if you’re running out of money in retirement? Even those fortunate enough to have a comfortable nest egg could find themselves feeling financially squeezed at some point.
If that happens, what should you do? At the simplest level, there are two solutions: (1) reduce your expenses, or (2) increase your income.
Reducing expenses, living more modestly, is the medicine that many retirees will need to take at some point in their future. It’s the solution most under our control, and the one we’ll have to accept if there are no other choices. The main question is whether you can do it on your terms, while preserving what’s most important to you, or whether you’ll have it forced on you by events.