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10 tips to control expenses in retirement

Piggy bank on calculator concept for saving, accounting, banking and business account(Getty Images/iStockphoto/BrianAJackson)

Some people spend years preparing for retirement, while others have retirement thrust upon them sooner than expected. Either way, balancing a retirement budget can be a challenge, as prices rise faster than income, and many retirees face extra housing or medical expenses. Here are some suggestions to bring your expenses into line with a more modest retirement income.

Hands taking  us dollars  out from wallet on the street
1. Cut where it doesn’t hurt. The point is not to economize, but prioritize your costs. Spend money only on things that are important to you. Make sure you’re not paying for things your kids wanted, but you no longer use, such as a family membership to a sports club or an expensive cellphone service. And maybe you no longer need to shop at a big box store. You don’t need a four gallon pack of orange juice, no matter how great a “bargain” it may seem. (Getty Images/iStockphoto/lzf)
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Hands taking  us dollars  out from wallet on the street
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Tom Sightings is the author of “You Only Retire Once” and blogs at Sightings at 60.

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