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"The more the better, no matter how little" sums up the principle behind retirement fund management --- that is, it doesn't matter how small your retirement fund is, the most important thing is to manage it well.

While it is true that with a retirement fund "more is better", even the more well off retirees should be careful of overspending and being left with nothing. Your retirement could last 20 years or more and if you aren't careful then you could quickly use up all your savings.

Get the balance right

To make your retirement fund last longer, it is usually a good idea to spend less and save more. But if you stop going out to restaurants or stop travelling, for example, is this the kind of life you want? Do you really want to leave money behind when you pass away? Getting the balance right between having enough savings and being happy is also important.

Be prepared

Managing your retirement fund is an essential part of your personal financial plan. Once you retire, you won't have a stable work income, but expenses may remain high. You should keep an eye on your retirement fund by checking income and expenses regularly and adjusting when necessary.

Broaden your income stream, cut costs

Despite having a good financial plan and budget, your retirement fund may still not be enough. In such cases, you need to look at other income sources and make savings.

Possible sources of income:
Renting out a flat, signing up for a reverse mortgage, or going back to work.

Cut costs:
Putting a stop to unnecessary expenses, such as travel and dining out.