Having Fun and Saving Money in Retirement

Maybe you had grand ideas of traveling the world or hitting the golf course during your retirement. But with the stock market's bad year, your retirement fund might have taken a hit. If you're in or close to retirement and faced with a fund that's skimpier than you planned, what can you do?

Rethinking Expectations …
If your lavish retirement dreams are looking less likely every day, don't despair. There are lots of ways to still have a fulfilling and enjoyable retirement – you just have to make a few compromises.

Country club membership vs. community resources. If you planned to tee up every morning or spend your days rubbing elbows with society, there are other ways to fulfill that desire. While it might not be as fancy as a country club, your community education center may have similar activities for seniors – for much less. Join a golf club on a local public course, or take a ballroom dancing or tennis class. If socializing is what you desire in retirement, try volunteering for a cause you believe in. You'll meet likeminded people, and feel good helping out in your community.

International travel vs. exploring your own backyard. While you may have wished to see the world in retirement, there are still ways to explore your horizons on the cheap. Instead of packing your bags for a foreign land, spend the day exploring the city you live in. Without the constraints of work, child care and other responsibilities, you might just see the place you live in a whole new light.

Relaxing vs. continuing to work. Sometimes the realities of a tough economy mean that you have to work longer than you planned. If you find yourself still needing an income during your golden years, try making the best of the situation. Opt for a more flexible, part-time schedule if your budget allows. Or choose a new job you always wanted to try out. Look at work as an opportunity rather than a burden.

… And Making the Most of Your Retirement
Retirement isn't all about how much you have to spend – it's also about how you spend your time. Focusing on spending time with loved ones, helping out in your community and learning new things can be even more rewarding than a pricey retirement.