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10 Ways to Retire with Less Money

| September 23, 2014
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If you do not have much money to retire with, there are still ways to enjoy your retirement! Here are a few ideas that could help you retire with less money.

1. Pay off debt before you retire.
First thing to do is count up your assets and debts. Hopefully, there are more assets than debts by the time you retire. You should no longer have any loans and your mortgage might even be paid off. This may not be a good time to take on any new debt. If you are thinking about loan for a new car, it might be better to keep the old one and fix it up.

2. Downsize your housing.
Once your kids are all moved out you likely do not need three or four bedrooms anymore. Some retirees stay in their house in case the kids want to move back in. This is a “what if” while paying the expenses are a definite. If you have a limited budget think about moving to a smaller place in a less expensive neighborhood with lower taxes and smaller utility bills.

3. Get a part-time job.
Many people choose to work during retirement because they need the money, a place to go in the morning or some new friends. Retirees are likely not worried about a career so they generally do not stress out over promotions or workplace politics. Think of your retirement job like the summer job you has as a kid, have fun! Make a few bucks then go live your life.

4. Share your home.
If you’re single, consider sharing your home with a friend or relative. Some houses have a mother-in-law suite, and some have two master bedrooms. Two can live cheaper than one, and this setup can offer companionship as well.

5. Rely on friends.
Instead of paying everyone to do something for you, help each other out. You can save money by driving each other to the airport, exchange yard work for house work or financial expertise or culinary skills.

6. Search for free entertainment.
If you want to cruise the Mediterranean, you may need that preretirement income. Many do not do that. Communities like to offer free concerts and festivals. Check out your library for free seminars, book clubs, movies and lectures. Your church or club could provide rewarding activities for little or no cost.

7. Eat out early in the day.
We all like spend a bit sometimes or skip out on cooking. If you want to eat out for a meal, go early in the day. The earlier you go the cheaper it could potentially be. In some cases, breakfast is cheaper than lunch and lunch is cheaper than dinner. Or try a place that serves breakfast all the time.

8. Stop subsidizing your kids’ lifestyles.
It really does not help anyone to let your kids settle into their old bedroom. They should find their own place, make their own food, and learn to live on their own.

9. Take advantage of discounts.
Join AARP for discounts as well as supplemental medical insurance. Go to the town hall and learn about real estate tax breaks and other senior citizen discounts. Check out programs for free transportation, low-costs meals and subsidized health services.

10. Go international.
Some retire to the land of their grandparents where they enjoy the support of family members. Countries outside of the U.S. could have a cheaper cost of living and people may respect elders more. Retiring overseas involves research but is an option budget-minded people are considering.

There any many options when it comes to retiring depending on your budget and the lifestyle you desire. For more information on retirement, contact one of our Wealth Advisors at iWealth Global Management. You can reach us at 813-321-1572 or by email at

Source: Sightings, Tom. "10 Ways to Retire on Less Money." Yahoo Finance. N.p., 01 Aug. 2014. Web.

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