How To Live in Retirement With No Money: 7 Important Steps To Take (2020)

Many people are facing the reality of retiring without any money and asking “how to live in retirement with no money“. It’s a scary thought for many, but it’s a reality that can’t be ignored.

If you find yourself about to retire with no money, don’t panic. There are options available and you should be well aware of them.

Take this opportunity now to prepare yourself for what’s about to come. If you take your situation seriously now, then retirement shouldn’t be as difficult as you think it will be.

How To Live in Retirement With No Money

How To Live in Retirement With No Money

Below are the 7 must-do tips to make your retirement life easier without money.

7. Pay All the Debt You Owe Before Retiring

If possible,  you should try your best to pay all outstanding debts before retiring. If you’re not close to retirement, but inching your way there, then it’s possible to ease on into this.

The first debts you want to pay off are those that are high interest. Next, work to pay off any debts that are frivolous like store credit and this sort of thing.

The goal is to be as close to out of debt as possible when you reach retirement age. Any debt that you have now will be more challenging to pay since you won’t have an income coming in.

6. Own Your Own Home and Don’t Rent

Own Your Own Home and Don't Rent

Paying rent is like throwing money out the window. What’s the point of paying someone else money for a house that you don’t own? If you think about renting long enough, you’ll realize why it’s the dumbest thing you can do.

Try your best to own your home and not live in a place that you rent. If you live in a big city, then you can buy apartments. If you own the condo, then it’s like having a house of your own. Though many people will prefer to own a home since it offers up more stability and peace of mind.

5. Learn How to Live as Cheaply as Possible

You need to figure out how to stretch your money as much as possible. This means you’re going to need to learn how to cook food from scratch and do many other tasks. Write down on a piece of paper all of the money you’re spending every month.

Go through everything with a fine-tooth comb and see where you can make a few cuts. Try to buy store brand items when you can, carpool or use public transportation.

Do whatever it is that you can to decrease your living expenses so that you have as much money as possible every month to live off of from your pension.

4. Work as Long as You Can to Build up a Substantial Pension

Not all people have the same type of work history and some have more physical jobs than others. If you were someone who worked hard and came home tired, then you might not be able to wait to retire.

Someone who has a desk job might be able to work five more years before they retire. Put off retirement for as long as you can so that your pension grows larger.

Working longer will also make it possible to put back a little money. If you can somehow squeeze a few more years out of your body, then try to work as long as you possibly can.

3. Live With Your Children or Other Relatives If Possible

Live With Your Children

Some of you might not like this suggestion, but it could be your only option. Living with your children is a hassle for everyone, but at least it’s a roof over your head. If you have grandchildren, then they will offer you the type of companionship that you’ve been longing for.

You can help watch your grandchildren and take the burden of parenting from your children. You’ll also be able to pool your money together and buy things in bulk at extra savings.

There are worse things in life than spending your golden years with your children, and these are valuable moments that need to be shared.

2. Learn How to Plant a Garden and Preserve Your Harvest

Some of you are going to balk at this suggestion, but it’s a smart thing to do. Why not plant a garden and learn how to can and freeze your harvest? Gardening gets you out of the house and you also get plenty of good exercises.

Why pay money to work out in a gym when you can hoe the ground and pick weeds? Nothing takes better than fruits and vegetables straight from the garden. You’ll be able to eat healthy food at a fraction of what it costs in the store.

1. Take Care of Your Health so You Don’t Have High Medical Bills

Take Care of Your Health

There are no sure-fire ways to prevent all illnesses. However, by taking care of yourself you lessen the risk of something bad happens. That means you should watch your diet, quit smoking, and get plenty of exercises.

A few small changes in your diet and lifestyle can have a significant impact on your health. Quitting smoking is one of the best things that you can do for your health, and it’ll also free up money since cigarettes are pretty expensive.

Final Words – It’s Not Impossible to Retire Without Any Money

That doesn’t mean it’s going to be easy either. It will take you some time to find the right rhythm and get everything going the way it should be. How long will it take? It might take six months to a year for you to get into the groove.

You’ve been working your whole life, and now that you’re not, things are going to seem a little strange. Not only will you not have the money you’re accustomed to, but you’ve also got plenty of time on your hands.

Sometimes the free time is worse than the lack of funds. Try your best to keep yourself busy so that you don’t have too much idle time on your hands.

Retired life isn’t easy, and it probably isn’t the thing that you’ve been dreaming about. Try your best to enjoy these years and do whatever you can to spend them with those who you love the most.

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