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Making your money last in retirement is similar in many ways to making your money last when you’re not retired. But, there are a few differences. The obvious one is that you don’t have the option of replacing money that you’ve spent, at least not without coming out of retirement. Also, when you’re retired you have to contend with the effects of inflation, and generally the amount you can earn on savings does not keep pace with the effects of inflation. So you must also deal with attrition due to inflation.

So how do you make your money last? First, spend wisely. Be sure that you have a budget that you can live within our below that will allow your money to last. Take advantage of sales, special discounts (such as senior citizen discounts), coupons, and two-for-one specials. When you’re retired, you’ll likely have more free time, so you’ll be able to shop on special days when discounts are given. (Here at least, seniors can shop on Tuesdays in many stores and receive a 10% discount or more.) Simply changing your shopping schedule can add up to quite a savings.

Second, be sure your money is safe. Keep in it insured accounts with the amount of risk you can afford. Avoid unsolicited investment offers, especially from people you don’t know. (But sometimes also from people you do know!) Get financial advice from a certified professional that charges based on a flat rate. Be sure that person is not the same person that’s in charge of investing your money.

Finally, get adequate insurance, especially long-term care insurance and health insurance. You don’t want your hard-earned retirement money eaten up by hospitals and medical bills if anything should happen.

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