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But how does such a late retirement impact your budget?
Keep the following tips in mind if youre considering retirement in your 80s.
Her monthly budget is utilitarian to ensure that it maintains her quality of life while effectively managing her resources.
Charlie Pastor, CFP and contributing expert at TheMotley Fool Ascent, sees it among his octogenarian clients.
When considering expenses, do not overlook Medicare costs.
Understanding your benefits and making changes when necessary can save you a lot of money throughout the year.
Combining Income Streams
People who work into their 80s enjoymultiple income streams.
First, they still bring in active income.
However, how you collect pension benefits, if any, should be carefully considered.
These types of conversations arent fun to have, but can be vitally important to maximizing a familys assets.
That said, older adults dont always have a choice about when to start drawing from their nest egg.
Where it gets tricky for older workers is the different rules for different retirement accounts.
And you could always trim your budget.
Strategic downsizing coupled with spending only on necessities can keepeven lean retireescomfortable and financially stable through their retirement years.
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