Mistake no. 4: Not wanting to downsize or relocate
As you might know, lowering your living expenses is an effective way to make your 401(k) savings stretch even further. It could mean downsizing into something a bit smaller and just as cozy, or reducing how much you spend on stuff you don’t even need.
As a general rule, those who can’t cut their costs tend to consume all their funds way too quickly. There are many ways in which boomers might be able to lower their living costs. For example, boomers who are currently living in a wonderful, expensive home or community should know that relocating is on the table for them, too.
If you’re stressed about your retirement savings, there are ways to deal with it. Most retirees decide to migrate the minute they leave that office, and they usually choose a lower cost of living.
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