Many retirees face the risk of outliving their savings, with an average yearly spending of $53,481 for those 75 and older. A retirement calculator shows modest savings may only yield $6,700 annually. Downsizing, rental income, and budgeting can help navigate this financial challenge for a more secure retirement.

Managing essential expenses like insurance can save retirees money. Shopping around and comparing rates can lead to significant savings on home and auto insurance. By utilizing resources like OfficialHomeInsurance.com and OfficialCarInsurance.com, retirees can find better coverage options and potentially save hundreds of dollars each year.

Building an emergency fund is crucial for retirees. Experts recommend having three to six months of expenses in a liquid account. Stretching Social Security income requires proactive financial planning, budgeting, and optimizing costs. Being mindful of spending habits can provide a sense of security in retirement, allowing for a more comfortable lifestyle.

Read more at Yahoo Finance: My wife and I, both 79, survive on $2K/month from benefits, but we’re scared of going broke