Retirement 29

The expenses that come with buying, renovating and decorating a home can add up, but fortunately, there are ways to save money every step of the way.

We asked real estate insiders for their best tips on how to save money on every part of your home, and their advice can help cut costs for anyone looking to buy a new home or renovate the one they currently have.

Click through to get tips on how to save money on your home.

If your ideal place to retire in America is by the beach, you’re in luck — many beach cities have affordable housing options and a sizable 65 and older population.

To find the most affordable places to retire near the beach, we looked at 59 beach cities and narrowed down a list of locations where people ages 65 and older made up at least 10 percent of the population. The study analyzed factors such as home values and healthcare expenses, both of which can help you determine your retirement costs.

Why many retirees outlast their savings

As 10,000 baby boomers turn 65 every day and count down the minutes to retirement, they’re also counting their savings – and their fears. They’re not alone. According to the latest Transamerica Retirement Survey, the single greatest retirement fear is outliving savings, which was cited by 52% of those polled. Indeed, 38% of workers aren’t confident they will be able to retire with a comfortable lifestyle, the survey found, and 46% don’t believe they are building a large enough retirement nest egg.

It’s time to face your fears. Before you start your retirement journey, learn more about the common reasons why some retirees wind up broke in their golden years. More importantly, learn what you can do now to avoid that fate.

Click ahead for 15 reasons you’ll go broke in retirement!

If you’re thinking about relocating to somewhere cheaper in retirement, you’re not alone — many Americans lack sufficient retirement savings to afford the cost of living in their home states after their working years are over. Moving to a more cost-effective area can help stretch your funds further in retirement, alleviating some uncertainty about your financial future.

To help you choose the perfect place to retire, GOBankingRates evaluated all 50 states and determined where you can live out your golden years for less than $45,000 annually. The study analyzed factors like groceries, housing, utilities, transportation, healthcare and the overall cost-of-living index in each state, all of which contribute heavily to your yearly expenses in retirement.

These indices were then multiplied by the average annual expenditures of Americans aged 65 and older, which provided the final ranking of the top 26 states. The figures quoted in this article are per household. The most recent Census lists the average number of people per household as 2.5.

To prepare for retirement, take a look at places to live that will cost you less than $45,000 annually!

Stretching your nest egg as far as possible is something that’s most likely front of mind for most retirees who aren’t very wealthy. With no new sources of income aside from Social Security or possibly a pension, it’s important to find a place to retire that won’t drain your savings. You don’t want to have to tap your retirement savings early.

However, getting a clear sense of exactly how long your money will last you requires understanding how much it costs to live in the state you’re calling home. As anyone trying to get by in somewhere with a high cost of living can attest, even basic necessities can quickly start to winnow down your retirement account. And it only gets more complicated if you decide you don’t want to spend your entire retirement in the same place, as your costs won’t be consistent throughout your retirement.

That’s why GOBankingRates performed a study to compare the cost of living in every state and determine how long you can survive off of $100,000. Granted, $100,000 won’t buy you a lot of time. But it will give you a sense of just how much you need to save to prepare for the retirement you want.

Click ahead to where $100,000 will last the longest in retirement.

Not everyone likes getting old, but that doesn’t mean we can’t take advantage of it.

Many retailers across the nation offer a wide variety of “senior” discounts to people as young as 50. Some entail stipulations beyond age, such as an AARP membership. But not all places have that requirement.

The following stores offer senior discounts that don’t require an AARP membership. At most, you may have to show identification to prove your age or join a store’s free loyalty program to qualify for the discount.

Saving a fortune isn’t realistic. However, it is realistic to have $1 million in a retirement account by the age of 65, if you invest a portion of your paycheck in stocks and let the power of compounding interest work some magic.

Given that the median household income is $59,039 — according to the U.S. Census Bureau — it would take about 17 years to amass $1 million if a person earning that much saved every cent of every paycheck.