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With the right approach, retirees can stretch their benefits and even increase their overallretirementincome.
For married couples, theres another layer of strategy.
Coordinating claims can maximize benefits.
A realistic budget is your best weapon against overspending, she said.
Cut Unnecessary Expenses
This starts with tracking expenses and ensuring that every dollar has a purpose.
Loftsgordon recommended making an expense record to better understand where money is going.
Using an app, spreadsheet or even paper, documenting spending patterns reveals areas where cuts can be made.
Once expenses are tracked, its time to look for areas to reduce spending.
Plan for Unexpected Costs
Life happens.
Unforeseen expenses can derail retirement plans, especially if theyre not factored into a budget.
Rush recommended investing in assets with growth potential before and during retirement.
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