“You can retire sooner or with less savings if you are willing to significantly cut your expenses. One way to quickly lower your retirement costs is to move to a place with a low cost of living.

Reducing your housing costs can add to your retirement savings and make your ongoing bills more affordable. “Downsizing to a less expensive, more manageable house has numerous benefits,” says Paul Staib, a certified financial planner for Staib Financial Planning in Aurora, Colorado. “You could use the proceeds from the sale of your current home to add to your retirement savings, thereby providing a bigger source of retirement income, while significantly potentially cutting other housing-related costs, including property taxes, insurance, utilities and ongoing maintenance and management costs.”

Read more at Yahoo! Finance.