How To Enjoy Retirement Without Going Broke (2023)

Retirement is something that everyone has worked very hard for, and there are likely many things you’re hoping to experience during your golden years.

Knowing how to enjoy retirement without going broke is all about early planning and execution. Make your retirement years the most fulfilling and enjoyable time of your life.

Enjoy Retirement
How To Enjoy Retirement Without Going Broke (2023) 3

Your dreams of traveling the world in retirement are very possible. However, you need to make sure that you know how to enjoy retirement without overspending

It is important to make sure that you have enough money to ensure that you will be able to last through your entire retirement and be comfortable. 

There are plenty of ways to enjoy retirement without running out of money. This will take some planning, but there are lots of tips you should follow if you want to ensure that your retirement money will last.

Smart Distribution Strategy

One way in which you can make sure that you are able to enjoy your retirement without going broke is by developing a smart distribution strategy. 

If you have a tax-deferred retirement plan, you should remember that the distributions will be taxed as if they are income if you withdraw them.

You will generally need to make certain amounts of payments every time you take this money out, so you must have a smart plan for withdrawing these funds. 

In most retirement accounts, you will often need to start making minimum withdrawals at a certain age, meaning that you will have to withdraw money from your account every year.

If you don’t do this, you will end up having to pay large tax penalties. The age for these withdrawals is usually 70.5 years old. 

It is good to hold off on withdrawing from this account before the age of 70.5 because this allows you to have the highest amount of tax-free years before you have to start withdrawing the money.

However, it is not always possible to do this, as you may need access to this retirement account sooner. 


Downsizing is another way in which you can prevent yourself from going broke in retirement. Often, retirees will sell their homes to cut down on costs and the money they must pay out.

Moving to a more modest home will free up some of your money to allow you to enjoy your retirement. It will have a smaller mortgage payment, lower property taxes, and less maintenance cost. 

You won’t need the space in retirement, and you will likely want to move into a smaller house so that you can clean the house more easily and things like that.

When choosing your house, you should choose a location with a lower overall cost of living.

Earn More Cash

You might feel like, in retirement, you need some extra cash to help to upkeep your lifestyle. This will cover the costs of certain things, like eating out and things like that. 

Not all retired people would like to get another job. However, a part-time job is a great way to pay off some of your bills or give you a bit of spending money.

You can also take on some freelance work if you want a little bit of extra income. 

Some options for part-time jobs that you can do are: 

  • Tutoring 
  • Teaching 
  • Seasonal work
  • Babysitting 
  • Dog-walker 

While it might not be ideal for everyone, having a little bit of extra income in your retirement will bring you lots of value. There are plenty of ways of getting some extra spending money. 

Do Cheap Activities

It is important to ensure that you enjoy some low-budget events or activities so that you can go out and have some fun without spending a lot of money.

You can always attend a library, head to a local park, or go on a walk to make yourself feel better.

There are plenty of things to do that are cheap and cheerful. Keep in mind, too, to ensure you can enjoy retirement without spending all your money and running out. 

Senior Discounts

As an older person there are many perks to aging. There are lots of entertainment packages available where you will get a discount on certain foods and the chance to attend any of the main palaces free of charge. AARP has multiple perks to membership.

Senior Discounts
How To Enjoy Retirement Without Going Broke (2023) 4

Review The Bills

While it might seem quite old-fashioned, it is a great idea to review the bills in order to understand where you are spending your money.

This stage will also help identify where you can make your cutbacks to ensure that you are not spending any money where you shouldn’t be.

This will also help to identify where you have any subscriptions that you no longer get your use out of. Cutting back in areas like this will help you not go broke and lose all of your money during a lockdown.

Look After Yourself

You must remember that you will need to look after yourself before you look after anyone else in your retirement.

Make sure that you don’t use your retirement fund to pay for anything for anyone else; instead, make sure that you hold onto the money so that you know that you will always be covered during retirement if you need it.

You should not allow anyone else to cut into your retirement fund once you have calculated this. 

Final Thoughts

It is very important to be able to enjoy retirement without going broke. There are many ways to ensure that you don’t go broke in retirement, and the main aspect of this thought is to consider what you are spending your money on and when. 

Whether you are planning to downsize to free up some money or you are planning to get a part-time job to give you some extra spending money, then you will be well on your way to understanding how not to become broke during retirement.

Andre Flowers
Andre Flowers

Hello, my name is Andre Flowers and I have been a Licensed Real Estate Professional for over 24 years. I also carry several certifications, including: Certified Distressed Property Expert, Certified Global Business Professional, Certified Credit Repair Specialist.

As a current Mortgage Underwriter with 15 years of experience, I have seen my fair share of money-related issues. Whether that be high levels of debt, not enough credit, or simply a lack of funds - I’ve had clients who fit into these categories.

Here I will share tips, tricks, and experiences on how you can get yourself back in control of your finances.

Articles: 179