You’re not downsizing

In some situations, it might be more effective to downsize your home. For instance, if you still have a mortgage, selling the home might help you pay off the mortgage and wave goodbye to this monstrous monthly expense. Even more, you might have issues keeping up with the maintenance costs in your current home, in which case, downsizing might help reduce these costs.

You have more than one home

Maybe you bought a vacation home when your kids were younger and you needed a place to spend all your family vacations. But now, do you still need it? It’s important to weigh whether the cost of owning more than one home is something that you can afford during retirement.

You give your money away to friends and family

Giving away your money to your loved ones is a very sensitive subject. In some cases, it’s simply unavoidable, especially if one of your friends or family members is seriously ill. In other cases, you might have to consider putting your foot down. If you still provide for your adult children, then retirement might be the right time to put a stop to this.

Since we’re discussing retirement funds, here’s another thing we’d like you to read: Want More Money in Retirement? Cut These 10 Useless Costs!