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Fortunately, a sound financial plan can remedy this situation. Proper planning is essential to creating financial retirement security.
How to make money in retirement
But according to a September "GoBankingRates. The same survey found that nearly half of Americans polled had no money set aside for their later years right now. It's also important to assess your physical assets, such as homes, cars, antiques, collectibles, land, and anything else you may sell to generate retirement income.
Reduce Spending and Streamline Your Budget If you are nearing retirement age, with scant savings, a detailed budget may help you stay above water. But it's important to devise a financial plan, with as much lead time as possible. In addition to selling physical possessions and downsizing your home, the following cost-cutting measures can help you create a rosier retirement outlook: Sell your car and use ride-sharing services, to eliminate car payments and insurance bills.
Discontinue your landline telephone and acquire the cheapest possible cell phone plan.
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Raise the deductible on your homeowners' insurance policy to lower premium costs. Take advantage of senior discounts. Sign up for Medicare as soon as you're eligible to reduce out-of-pocket health care costs.
Choose generic products over name-brand merchandise. Make inexpensive home improvements that increase energy efficiency and reduce utility bills.
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For example, purchase a programmable thermostat or replace attic insulation. You may also qualify for various state and federal aid programs.
Military retirees and dependents may also qualify for additional programs. Most utility services will work with seniors to provide a reduction in bills or help with weatherization.
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There may also be programs to assist you with food and nutrition. Check with your local Council on Agingwho may have a list of programs and can help you contact these administrators.
Paying Down Debt If you're headed into retirement with debt, be strategic about paying it off when you have some extra bucks. But while it may be tempting to funnel all extra money towards relieving debt, it's equally important to maintain a financial cushion for emergencies.
For this reason, the best option may be splitting your money between retirement savings and debt payoff.
- Additional income ideas
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- Their answers were amazing and showed just how creative our generation has become when it comes to supplementing our income in the best years of our lives.
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- Depending on your location, you may be able to get hired to work at conferences, professional association meetings, seminars, and other business events.
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- Make sure the line of work is compatible with your level of strength and fitness -- dog walking requires strength and stamina, and grooming sometimes requires heavy lifting.
If you have financially assisted adult children or grandchildren in the past, consider curbing this generous impulse. Communication will go a long way in helping your loved ones understand your shift towards prioritizing your financial future.
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Focus on Building Income Streams If you're retiring without substantial savings, Social Security will probably be your primary source of retirement income. You may receive benefits as early as age However, this triggers a reduction in your benefit amount.
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Just be aware that working while claiming Social Security may result in your benefits being temporarily reduced if your earnings exceed how to make extra money pensioner allowed threshold. However, these are still loans and must be repaid by you at a later time.
Alternatively, you can obtain a reverse mortgage, which generally doesn't require you to make payments, unless you're no longer living in the home. When you pass away, your heirs would be responsible for either repaying the reverse mortgage outright if they wish to keep the home or selling it and using the proceeds to repay the reverse mortgage balance.
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Just remember to check your local zoning laws to make sure this is permitted. Also, don't forget to consider the tax implications of claiming Airbnb rental income.
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