The average retiree has $88,000 in their account. This is not enough to live on and maintain a comfortable lifestyle during retirement. If you’re living off of Social Security or other fixed incomes, it’s important to have some idea how much money you’ll need for your retirement years so that you can plan accordingly.,
If you’re cash poor in retirement, it’s important to know how to survive and thrive. Here are some tips that can help. Read more in detail here: how to survive in real life.
Your retirement account or Social Security income is probably set, leaving little flexibility for unforeseen costs like a broken-down vehicle, a major purchase, or even medical bills. These practical suggestions may be sufficient to pull you out of a tight spot if you find yourself short on money at any time during your retirement.
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1. Think about doing part-time job
You might enter the labor again in a few different ways. Working for the gig economy—companies like Lyft, Uber, Wag, or DoorDash—which allows you to choose your own hours is a fantastic alternative for those in retirement. A few times a week of Lyft or Uber driving might be the extra income you need to augment your retirement income and pull you out of any financial difficulties you may be facing.
You may have several options for mentoring or consulting if you’ve just retired from a sector of the economy that is expanding. Make sure to ask your professional network if there are any vacancies for part-time mentors or consultants that you might fill; often, this sort of job can be done remotely! If you are skilled at marketing online, freelancing is also an alternative.
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2. Earn money from your interests
It’s likely that some of your interests, like carpentry, knitting, thrifting, or jewelry making, may become sources of income. Consider some of the activities you engage in most often. Do any of those items or services fit the bill for what consumers would really pay? To discover whether there is a market for the types of items you manufacture in your own time, try browsing a website like Etsy.
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3. Consider refinancing
You might think about refinancing in the hopes of getting a lower monthly payment if you are still making payments on your house and need a few hundred dollars available each month. If you really need more accessible cash, a reverse mortgage is another choice. This is essentially a loan where the lender pays you in installments to purchase your home (or a lump sum, in some cases).
Before taking any action, be sure to consult with a reputable financial counselor and carefully review the terms of a reverse mortgage. It is absolutely worth thinking about refinancing since it might be a great method to free up more income.
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4. Think about cutting back.
You may want to think about downsizing if you’re still paying for a three-bedroom home with a pool and a yard that is no longer necessary. People are extremely hesitant to give up some of their more financially imprudent behaviors after they have become used to a particular way of life, even when circumstances are tight.
Downsizing can be your best option if you find yourself in retirement and your expenses are outpacing your income. Even though leaving a house you’ve lived in for a long could be difficult, your bank account will thank you.
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5. Do not be hesitant to seek assistance.
Sometimes it just boils down to a pride issue. Admitting that you want assistance might sometimes require swallowing your pride and confessing to a close friend or member of your family that you require assistance. Retirement is intended to be a carefree period of abundance.
We understand how challenging that might be. However, sometimes assistance from family or friends might be the difference between being OK and not being OK if you find yourself in need of money to make ends meet and to ensure that you don’t wind up on the street. Avoid letting pride stand in your way!
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In conclusion
Although retiring is expensive, you may discover methods to supplement your income if you’re short on funds with the correct techniques and chances. Always keep a regular budget, have an open mind, and ask for assistance when necessary.
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