If you’re worried about your retirement planning, you are not alone. At least one in four Americans currently have no money saved for retirement at all. Meanwhile, around half of those that do have some money saved are not saving nearly enough. We all want to spend our golden years in freedom and comfort.
However, this can seem like a pipe dream to those of us who do not have a nest egg. That’s why it is important to know how to retire with no money saved. This might sound like a long shot, but it is more attainable than you think. Read on to find out how to retire with money, even if you currently have none.
- Take Stock of Your Assets
If you want to know how to retire with no money, the first place you should be looking at is your existing assets. Your best bet is real estate – if you have a mortgage that you have paid off or mostly paid off, then you are in a much stronger position to retire in comfort.
The equity in your home could help fund your retirement strategies, or you could sell your home and downsize. Make sure to take stock of other potentially valuable assets such as stocks, bonds, antiques, art, vehicles, and collectibles.
- Diversify Your Income Streams
It’s never too late to learn how to retire early. No matter what position you find yourself in, you can always start to build some income streams. You could rent out a spare room on Airbnb. You could invest in a fixed-income stock fund. You could learn the truth about annuities and use these to build a lifelong income. There are many options open to you.
- Tap Your Social Security
Social security might not sound like a great way to live out a comfortable retirement, but you’d be surprised. Social security payouts are higher depending on how long you have worked. If you have earned the maximum amount of Social Security Work Credits over your lifetime, the payments could be substantial. The average social security payout for retirees is around $1500 a month, which can go some way towards a decent retirement.
- Check for a Pension
Decent pensions are getting harder and harder to come by these days. Nonetheless, you should check with your current employer to see what your pension rights are. If you work in government or essential services such as police, post, or fire, then you will definitely have a pension.
Meanwhile, major US employers such as Coca-Cola and Macy’s offer pensions to every single one of their employees. A pension can be your golden ticket to a long and comfortable retirement. It is therefore important to ensure that you know your pension options.
More on How to Retire with No Money Saved
Now that you know how to retire with no money saved, it is time to get started. At our dedicated Finance pages, you will find expert advice and insights on making your money work for you. Check it out today.
