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Zhi Finance » How to save your pension?

How to save your pension?

Other Article: Five ways to teach your children the true value of money

If your retirement savings are less than you expected or run out faster than you expected, the following golden ideas can help you save your retirement:

  • 1. Living near the children’s home: If the children are willing to help, and the living place is not bad, you may find that living near their children and grandchildren can actually help you save money – especially when your self-care ability is on the decline. If your children are willing to provide care in life, you can save a lot of money.
  • 2. Live in a cheap house: If you have your own house, you may want to sell it and live in a smaller room. If you have just retired and need to live for decades, you can buy a smaller place. People who have retired more than half can sell their houses directly, get money and rent cheaper houses.
  • 3. Move to a place with low expenses: If you can’t afford to live in a house near your children’s home, you may consider moving to a cheaper place for retirement, such as Arlington, Texas, Des Moines, Iowa, and Charlotte Harbor, Florida (there are more details in American News and World Report). The recommended places have mature and livable communities, high quality health care facilities, and low costs for participating in activities and living. If you can’t live near your children and grandchildren, why not settle down in an interesting and cheap place?
  • 4. Take good care of your car: After retirement, it should not be difficult to reduce the cost of your car. Most retired people drive less than before. For you, one car is enough, and your driving distance is usually not too long, so you don’t need to change frequently. Don’t make old mistakes when you buy a car; Drive the car as long as possible, take care of your car, and make it last for a long time.
  • 5. Consider a second career: If you are healthy and can still work, consider starting a second career. A study cited by the US News and World Report pointed out that older people can engage in more and more jobs, and many healthy people also enjoy working. Research shows that most of the work focuses on “health care, education, government and social assistance”. These jobs can essentially fill the satisfaction you lack in your first career.

Other Article: Four suggestions to help you buy a house within your power

Retirement is a challenge for contemporary people. Most people live on 401 (k) or IRA savings after retirement, rather than relying on traditional pension plans. If you are worried about how to spend your money, these golden ideas may help you live a happier and fuller life after retirement.