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Many retired Americans are struggling financially.
Because of this, many retirees have had to cut back on several common expenses.
Here are the expenses retirees arecutting out of their budgets.
This is typically due to insufficient retirement savings.
Unfortunately, this has been commonplace for a long time, said Erica Sandberg, consumer finance expert withBadCredit.org.
A primary reason is that many people over-relied on Social Security retirement benefits.
One way is to add an income stream.
In fact, the survey found that 58% of retirees have sought out additional work.
If going back to work is not an option, consider leveraging your home equity.
it’s possible for you to draw from the equity and stay in the home.
Its also helpful to look for ways it’s possible for you to trim your current spending.
Almost everyone, no matter their age, can identify waste and then reduce it.
Pull infriends and family members.
Share costs, buy in bulk.
Search what is available for free to senior citizens in your area, too.
Make the most of what is available in your area.
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