According to an article published by CNBC, the number one reason why senior Americans continue to work well after retirement age is that they cannot afford to stop working.
Most working Americans have been saving your retirement for most of their lives. However, it is almost impossible to save enough money to retire when you are raising a family and dealing with the ever-increasing cost of living.
In fact, according to a 2019 Congressional Research Service report, as many as 4.9 million people over the age of 65 are living below the poverty line.
One of the reasons that is so hard to retire is that you need to have about eight times your annual income in savings to retire successfully.
Even with the best retirement plan in place, not many working-class Americans can dedicate the required portion of their income to savings to achieve this goal.
Fortunately, tit’s not impossible to retire without savings.
Social Security is designed to support you when you can no longer support yourself. It’s essential to keep in mind that the longer you delay claiming social security in retirement, the greater your monthly benefit will be.
Your children have likely moved out of your family home. You most likely no longer need the SUV that made family holidays possible. Assess your needs carefully and downsize accordingly.
If you are a homeowner, you could convert a portion of your home into a rental option. A lot of people make a very good living with the Airbnb business model, and you can too!
You could start a small home-based business that will allow you to earn an income while making the best use of your skills, experience, and time.
Consider moving to a state with a lower cost of living with more opportunities for a comfortable mature lifestyle.
There are some costs associated with the tips provided above, which can make achieving your retirement dreams seem unattainable.
Fortunately, if you are the recipient of an annuity or structured settlement, you have the option of exchanging a portion of your monthly payments for a lump sum of cash. This capital injection may be the key you are looking for to make retirement a possibility for you.
