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Therefore, individuals might need to adopt various strategies to live comfortably, such as adjusting their budget or even downscaling their lifestyle. Fine-tuning expenses, including where they live and how they manage daily spending, becomes essential for making retirement income work.

Exploring Alternative Income Sources: Housing Wealth

One significant asset many retirees may overlook is home equity. Options like reverse mortgages exist, but these can be complex and laden with potential pitfalls. A more straightforward approach could be selling one’s home to release that equity as cash, further augmenting retirement savings.