Does this sound familiar? You're approaching the end of your working days, but you can't afford retirement. Or worse, you've retired and realized your savings can't sustain your lifestyle.
If your answer is yes, then you're not alone. According to a study by Provision Living, about 60% of American seniors said they can't afford retirement because they have insufficient savings and working to support their families.
Hitting the retirement age doesn't mean it's too late to salvage your financial situation or enjoy your retirement. So don't give up.
Many retirees like you have turned their lives around. To help you do the same, we've compiled a list of strategies that can help you improve your situation and make the most of your retirement.
Buy More Time
Many people aim to retire at 60. However, this doesn't necessarily mean it's a rule that everyone must follow.
Financial experts say seniors who enjoy their retirement are those who put their financial house in order first, not those who quit working at 60. And delaying your retirement is one way to work towards it.
Doing so gives you a few extra years to increase your retirement savings instead of spending your little savings. Delaying your retirement can also help you increase your retirement income since your social security check will be larger.
What if you have already retired?
Some seniors discover that they can't afford retirement after quitting their jobs. If you're one of them don't give up. You can still find work in retirement.
A part-time job in retirement is probably one of the surest ways to make some extra income. However, keep in mind that many seniors find it challenging going back to full-time jobs straight away.
So to make it easy to adjust, choose jobs that match your skills, don't require you to be on your feet for several hours, or work during weekends.
We also know that finding work in retirement can be challenging. You haven't been in the job market for quite some time. To help you get started, here are five tips to supercharge your job hunt:
- Reach out to former colleagues and employers.
- Search job boards that provide jobs for retirees, like AARP jobs board, Retired Brains, and Retirement Jobs.
- Look at job boards specializing in flexible, seasonal, and part-time jobs.
- Look for part-time jobs at places near you such as community arts centers, libraries, retail outlets, and schools.
- Volunteer at companies and organizations that often turn unpaid volunteering into paid part-time jobs.
Start A Side Hustle Or A Business
If finding work proves to be an uphill task, consider starting a side hustle. Many retirees have started successful side gigs and managed to improve their financial life.
For instance, in a study by Prudential, 31% of gig-workers are Baby Boomers and 34% are retirees. You can do it too.
Fortunately, there are many side gigs today than ever before thanks to technological advancement. As such, you don't have to spend thousands of dollars getting started.
Some of the most paying side gigs for retirees include:
- Become a consultant- share the knowledge and skills you built all those years.
- Virtual assistant.
- Substitute teaching.
- Offer storage services in your garage.
- List your extra space on Airbnb.
- Pet sitting.
Save, Save, Save
When you find work or ventures to make some income, remember to save. Don't get carried away and assume things will remain the same.
As you age, your expenses will probably increase, and you don't want to repeat the same mistake or burden your loved ones.
Other strategies to deploy when you can't afford retirement include:
- Moving to a cheaper city.
- Stay sharing with other retirees.
Approaching retirement age with little savings can be overwhelming. Many seniors start panicking and losing hope. But it's not the end of the road. With these tips, you can improve your financial life and enjoy your retirement.