How To Retire On Nothing
Millions of workers close to retirement have no money saved and need to know how to retire on nothing. Whether you lost your life savings in a bad investment, or just never got around to saving for retirement, it is still possible to retire on schedule with nothing in your bank account. Start working through these steps now to give yourself the most financial padding possible before you retire.
- Start a budget. Find out how much money you need to have coming in every month in order to cover your basic needs. Do you have retirement benefits or social security that will help cover these expenses? If not, you will need to figure out a way to earn money to cover your expenses.
- Begin finding ways to make money during retirement. Just because you are retiring does not mean you cannot make money to support yourself. If you have a hobby that you love to do, learn how to make money doing it. If you love to write, find online content sites that will pay you to write. If you enjoy gardening, try growing some extra vegetables to sell for a profit. Whatever it is that you want to spend your time doing during retirement, find a way to make money off of it to support yourself.
- Start saving something now. Even if you only have a year or two until retirement, it is never too late to start savings. Something is always better than nothing. So make some changes to your lifestyle now to get some money in the bank. Cut down your cell phone plan, cut off the cable, stop eating out and shop for cheaper insurance. Then put the difference into a high yield savings account to keep the money safe and help it grow. If nothing else, think of it as an emergency fund. Try not to touch this money and let it grow month after month.
- Find a cheap place to live. If you are currently carrying a large mortgage or are renting an expensive apartment, it is time to downsize. Most likely, it is just you or you and your spouse at home. So do you really need a home with four bedrooms? Go ahead and put your home up for sale and start looking for an inexpensive apartment. Any money you net from the sale of your home should go into a savings account for your retirement.
- Start selling assets. Since you are downgrading your house, you should also downgrade the rest of your life. Start going through your home and sell anything that is not essential. This is a great way to raise money to put aside for retirement. Sell that second car, those outdoor Christmas decorations, furniture that will not fit in your small apartment and anything else that you can live without. This step can take some soul searching, so do your best not to hang on to things you do not really need.