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Retirees who make the choice to do it, however, will quickly discover its not worth it.
Heres what he recommends doing if yourely on Social Security.
Create a Detailed Monthly Budget
Budgets still matter, especially in your retirement years.
This presents fewer opportunities to dip into emergency funds.
Haywood recommends keeping your emergency fund in its own separate savings account not easily accessible.
This creates a psychological barrier, making it less tempting to use the funds for non-emergencies, he said.
This is a task that can feel next to impossible for retirees on fixed incomes.
Haywood recommends looking into setting up asmall, automated transferinto this fund each month.
Consider an amount like $25 or $50.
Over time, Haywood said, this adds up.
It can also help replenish the fund gradually without impacting your everyday budget too heavily.
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