It is one thing to save for your retirement, but it takes knowledge and some skill to know how to make the most of your pension savings. Many retirees find themselves struggling financially due to a combination of high living costs and a lack of adequate retirement planning. Here's how to make the most out of your retirement savings.

Engage a certified financial advisor

If you have stomach ache, you see a doctor; if you have toothache, you see a dentist. It follows that if you have money management problems, you should see a certified financial advisor. He can help you create a proper budget, set realistic investment goals and identify ways to reduce service costs on your investments.

Use coupons and discount codes

These days, almost every product has coupon or discount code attached to it. Google 'discount codes,' particularly for high ticket items, and look out for coupons on items you buy regularly. Maximize any savings by adding them to your pension pot rather than absorbing them into your housekeeping allowance.

Start a new venture

You are never too old for anything. Generate new income streams by starting a home-based business or monetizing your hobbies and interests. Your financial advisor will be able to help you make smart choices and minimize risks. Do your research and see if you can identify a niche market appropriate to your skills. An added bonus is that doing something new keeps your mind active and helps delay the onset of dementia.

Retire to a cheaper location

If the cost of living is beyond your budget where you live, consider moving to another area, or even another country. Find somewhere where you can live comfortably without draining your savings. Google 'inexpensive places to retire,' and do your research to avoid making an expensive mistake.

Exercise, eat sensibly and look after yourself

People are rather like cars - the older they are, the more expensive the running costs are likely to be as chronic illness takes its toll. Prevention is better than cure, so eat healthily and take regular exercise to keep yourself fit and maintain a healthy weight. As well as saving money on medical bills and treatment, you'll enjoy your retirement much more if you are fit and healthy.

Making the most of your retirement isn't just about financial planning, although that is vital if you are to fund a retired lifestyle which - with any luck - will last for 20 years or more. Doing new things, keeping active and eating healthily will hold back the years and enable you to enjoy what should be the best years of your life, because you can do what you want to, rather than what you have to.