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How to cut costs now for a better retirement later

By Lindsay Frankel of Mediafeed | Slide 1 of 16: More than 6 in 10 Americans aren’t on track with their retirement savings, according to the Federal Reserve. If you’re getting close to retirement age and still working on your nest egg, you might have concerns about running out of funds when you’re supposed to be relaxing and enjoying life.One way to ease money anxiety when it comes to retirement is to start cutting costs now. If you live a frugal lifestyle before and during retirement, your savings will be more likely to last to the end of your life.Many people downsize their home to cut costs, but fewer people consider other clever ways to reduce expenses. Every expense you budget for, whether that’s groceries or gas, presents an opportunity to save more. Here are 13 areas where you can downsize your spending prior to retirement and the simple ways to do it.Sponsored: Worried you don't have enough money for retirement? Find a financial advisor who can help. A financial advisor can guide you in building a portfolio that matches your financial needs and goals. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

There's more ways to save besides downsizing

More than 6 in 10 Americans aren’t on track with their retirement savings, according to the Federal Reserve. If you’re getting close to retirement age and still working on your nest egg, you might have concerns about running out of funds when you’re supposed to be relaxing and enjoying life.

One way to ease money anxiety when it comes to retirement is to start cutting costs now. If you live a frugal lifestyle before and during retirement, your savings will be more likely to last to the end of your life.

Many people downsize their home to cut costs, but fewer people consider other clever ways to reduce expenses. Every expense you budget for, whether that’s groceries or gas, presents an opportunity to save more. Here are 13 areas where you can downsize your spending prior to retirement and the simple ways to do it.

Sponsored: Worried you don't have enough money for retirement? Find a financial advisor who can help.

 A financial advisor can guide you in building a portfolio that matches your financial needs and goals. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
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