It’s no secret that everything seems expensive these days, and retirement is not excluded from this rule! Many of those in their fifties and sixties, still working, wonder if they will ever be able to retire.

For most people, yes, retirement is certainly obtainable. But in some cases a little creativity is required, and you need to evaluate all of your options before setting an expected retirement date. These four ideas can help make retirement more affordable.

Downsize your cost of living. Rent, a mortgage payment, food, taxes, insurance, and even medical care can be very location-based expenses. If you’re worried that you can’t afford to retire, investigate the idea of moving to a more affordable area. Remember to factor the cost of moving into your budget.

Delay your Social Security claim. For each year that you delay your claim, beyond your full retirement age, your benefits checks grow by 8 percent. Adding just two years to your career can make a significant difference in the amount that you eventually claim from Social Security, but it will also give you two more years to pay down debts and stash additional funds in your retirement account.

Choose off-season travel. For many retirees, travel is an important goal, and becomes a significant part of their retirement budgets. However, you can greatly reduce this part of your budget by making one important change to your plans: Simply travel during the “off season”. Everything from airline tickets to hotel stays are steeply discounted at certain times. As an added perk, you’ll enjoy more peaceful trips and fewer crowds.

Structure your retirement plan distributions carefully. Some forms of retirement income are taxable, while others are not. Meanwhile, required minimum distributions can kick you into a higher tax bracket at times (and this can affect your Social Security benefits, which are taxable at certain thresholds). Working closely with a financial planner can help you anticipate these potential pitfalls, plan around them, and even avoid them at times. Make sure to meet with us before your expected retirement date, and at regular intervals throughout your retirement, so that we can help you navigate these challenging waters.