Many people have had their financial portfolios hit hard or are looking at their retirement savings and realizing that they just never saved enough. In their despair, they think that retirement is simply not going to be possible for them. This is truly sad because though a retirement full of financial ease is likely not possible, a truly fulfilling retirement is possible with very little money. However, you need to use these tips to get you there.
Start Saving Now
You have heard it time and time again, but now is always the time to start saving for retirement. Even if you are 3 months away from your retirement date, you still have time to set aside some money as a cushion. If nothing else, think of the money you are setting aside as an emergency fund. You would be surprised what a truly determined person can save in very little time. If you are worried and a little scared, use that to your advantage so you will save like you have never saved before.
Say Goodbye to Debt
Get as much debt as you possibly can paid off now. Credit cards, car loans and even home improvement loans should be paid off. The less debt you have to handle during retirement, the easier retiring with very little money will be. So get down to business and start attacking that debt like your life depended on it. You will be glad when your worked as hard as you did when retirement comes knocking on your door and you do not have a single debt that you are obligated to.
Have a Budget
When you have very little money to live off of during retirement, you have to use it well. Even if you have never done a budget in your life, it is time to start. Simply list all of your expenses and all of your income that you expect to come in monthly. If your monthly expenses are more than your monthly income, you must start cutting back or find ways to bring in more money.
Get Back to the Basics
When you have little to no money to retire on, it is time to get back to the basics. Start downsizing your home or apartment to something that is just right for your situation. You do not need 4 bedrooms when there are only two people living in the home. Also, sell off any cars that you still owe money on and purchase a reliable car with cash. Take a look at every expense that you listed in your budget and find a way to cut back. The cell phone plan, internet, cable and food are all areas that can easily be cut back with a little creativity. Just think, wouldn't you rather be able to retire and live without these luxuries than work as a Wal-mart greeter until the day you die?
Earn Money with a Job that Fits the Retirement Lifestyle
If you have made a budget and cut back as much as you can and your expenses still exceed your income, then you should probably find a job while you are in retirement. This should not be just any job though. There are several different jobs that actually fit the retirement lifestyle. Jobs like writing online, handyman and photography can all be enjoyable forms of income that will still give you a relaxed schedule. Take a look at some different jobs that fit the retirement lifestyle and find one that will fit your needs.
If you use these steps in the years and months leading up to your retirement, you will quickly find that retirement can likely be a reality for you. It may not be the constant traveling or luxury living that you may have dreamed of in your twenties but it can still be a fulfilling one. So why would you choose no retirement at all, when retiring with very little money is entirely possible?