There is what we call in the business a “paradigm shift” when you move from the working world to the world of retirement. A paradigm shift means that the rules we live by and the economy that regulates our lives will change dramatically. Whether you have a large retirement package or you have retirement savings that are going to take some care to stretch out, you will begin to live on a fixed income, and stretching your retirement savings will become a hobby, a passion, and a lifestyle that you will get good at over time.
If you are just stepping into the retirement paradigm, learning the ropes from the old pros at the skill of stretching the retirement dollar will serve you well. It will be these old experts that will know how to have a fun evening out on the town for under twenty dollars, when the right time it is to buy at the supermarket and how to leverage coupons to your best advantage.
If you have left the active working world, you may need a way to focus your attention since all of that business energy can be used well to focus on how to use your retirement funds to your best advantage. One way to use all of that business expertise is to take on the challenge of what is commonly called “home economics” to learn the best ways to economize and cut expenses of daily life. Home economics is something that is commonly associated with young women preparing to become housewives but the wisdom of how to recycle household items, how to take care of household utensils and tools to reduce the amount they have to be replaced and other important economic tips can go a long way on cutting down on expenses so you see that retirement nest egg gets depleted more slowly.
Little things mean a lot when it comes to home economics. Turning off lights and not running the heater when you can put on a sweater seem like petty savings but by not consuming power, you are not only saving on utilities, you are living green as well which is good for the earth. Similarly, you may be able to do more without going out in the car than you thought. Perhaps you can walk to the store rather than drive. Perhaps you can take public transportation for a low cost rather than use up expensive gas and cause more wear and tear on your vehicle. These little things can do a lot to stretch your funds so they are there for the important things.
Another way to use your business sense is to find ways to supplement your income or use your retirement savings intelligently. With the internet, you may be able to find ways to invest your savings more shrewdly so you can actually generate revenue by making your money work for you. You can even find part-time jobs that can be done from the internet or perhaps in town that do not put stress on your “retirement status” but bring in a nice little revenue stream while giving you a chance to get out and be with people. Lots of businesses like to use senior citizens in this way so everybody wins.
By taking on the challenge of stretching your retirement savings by both becoming a guru of home economics and finding new revenue streams, you can protect that precious nest egg so it continues to be there for you year after year assuring that you are cared for and have everything you need to live a happy and productive retirement lifestyle.