Question 

I am a recently retired 65-year-old. Retirement was sort of forced upon me by my company and my health. The job I was doing was rather physical. While I am not in bad shape, I found it getting harder and harder. People at the company simply do not work past 65, so there was the expectation that we will retire, and I did. 

Now that I have been retired for a few months, I am finding that my expenses are not dropping as I hoped they would. In fact, everything seems to be getting more expensive. I am concerned that I will run out of money, and it will be hard for me to get the care I need as I get older. 
What can a retiree do to protect their future and make sure that they have enough care for themselves 10 to 20 years from now? The last thing I want is to have to tell my children that I have run out of money. 

Answer 

Retirement before a person is financially ready is more common than one might think. It sounds like you are one of those individuals that was not quite ready. So now we look at a plan B for you. 
Since retirement came earlier than expected and finances are a concern, there are certain steps you should consider: 

• The first thing I would recommend is that you look into getting another job, even if it is only part-time. Plenty of retirees work these days. Life is longer than in the past and you likely have a good 10 years that you could work. Even if it does not pay as well as your past job, it could make a material difference in protecting your assets for the future. If the job pays enough, continue saving in your retirement plan. 

• Speak with a financial advisor to make sure that your retirement funds are invested in a way that will provide for your needs, not too conservative or too aggressive. 

• Delay taking your Social Security. 

• Consider your living situation. Are you in a home that is larger than you need. Would downsizing earlier rather than later be a wise choice? 

• Now is the time to re-evaluate everything that you spend money on. Most of us are on auto pilot and are not paying close attention to our monthly expenses. It is time for a spreadsheet that you complete each month that identifies your expenditures. 

• When you need something new, the first thing to consider is can you purchase it at a thrift store or trade for it. It is not only frugal but can be a bit fun to find a prize in a thrift store or at a yard sale. Plenty of people do this and it is not only those that are poor. 

• Closely check all your reoccurring monthly subscriptions and bills. Cancel any subscription that is not necessary. The average family has a shocking number of subscriptions that they rarely use. 

• Now is the time to evaluate everything you spend money on. For most of us there are multiple opportunities to save money. Here are just a few of them: 

  • Use the library for reading material. Don’t buy, borrow. 

  • Make your coffee or tea at home. 

  • Pack a sandwich when you are on the move to avoid spending money on fast food - Use cloth napkins. Avoid paper towels. 

  • Drive your car until it stops moving forward.  

  • Eliminate prepared food. Cook from scratch.  

  • Eat out rarely. 

  • Scour your grocery list and question any purchase that was not necessary. Vow to make adjustments on future trips. 

  • Look at the weekly sales at the grocery store and plan meals around what is on sale. 

  • You are a Senior now and many stores, restaurants, shows, and the like offer discounts to Seniors. Look for them. 

• Lastly, get online and scour the internet for cost saving ideas. People have come up with some clever ways to decrease their spending. Far more than I can list here. 

You are in a common situation and there are solutions. You can take steps to secure your future and get your finances back on track with a bit of planning. Your future depends on the actions that you take now. You may even have some new adventures on the way, make some new friends, and surely pick up some stories to tell. I wish you success on your journey.