{"id":564989,"date":"2023-03-17T15:00:09","date_gmt":"2023-03-17T12:00:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-to-retire-with-no-savings\/"},"modified":"2023-03-17T15:00:09","modified_gmt":"2023-03-17T12:00:09","slug":"how-to-retire-with-no-savings","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/","title":{"rendered":"#How To Retire With No Savings"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2cf17076af6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2cf17076af6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#How_To_Retire_With_No_Savings\" >How To Retire With No Savings<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Make_Every_Dollar_Count_%E2%80%94_and_Count_Every_Dollar\" >Make Every Dollar Count \u2014 and Count Every Dollar<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Downsize_Your_House_%E2%80%94_and_Your_Life\" >Downsize Your House \u2014 and Your Life<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Pick_Your_Next_Location_With_Savings_in_Mind\" >Pick Your Next Location With Savings in Mind<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Or_Stay_Where_You_Are_and_Trade_Your_Equity_for_Income\" >Or, Stay Where You Are and Trade Your Equity for Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Get_the_Most_Out_of_Healthcare_Savings_Programs\" >Get the Most Out of Healthcare Savings Programs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Delay_Retirement_%E2%80%94_and_Social_Security\" >Delay Retirement \u2014 and Social Security<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/how-to-retire-with-no-savings\/#Invest_In_Professional_Help\" >Invest In Professional Help<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"How_To_Retire_With_No_Savings\"><\/span>How To Retire With No Savings<span class=\"ez-toc-section-end\"><\/span><\/h1>\r\n<div id=\"\">\n                            \n                            \n                                                        \n                            <div class=\"article-thumbnail\">\n    <div class=\"article-thumbnail--thumbnail\" style=\"padding-top: 56%;\">\n        <img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2021\/11\/senior-mature-couple-discuss-finances-over-breakfast-at-laptop-calculator_iStock-1352716482.jpg?webp=1&amp;w=675&amp;quality=75\" class=\"attachment-full size-full wp-post-image\" alt=\"Happy middle aged family managing household expenditures. stock photo\" sizes=\"(max-width: 1920px) 100vw, 1920px\"><\/div>\n    <p>\n                    fizkes \/ iStock.com            <\/p>\n<\/div>\n<p>According to the U.S. Census Bureau, about half of Americans ages 55-66 have no retirement savings at all. If you\u2019re one of them, you\u2019re facing an uphill battle as you look toward life beyond your earning years \u2014 but you already know that.<\/p>\n<p><strong><em>Learn: What Is the Standard Deduction for People Over 65 in 2023?<br>With a Recession Looming: Make These 3 Retirement Moves To Stay On Track<\/em><\/strong><\/p>\n<p>Maintaining a decent standard of living will not be easy if you are set to retire with no savings, but it\u2019s not impossible either. Here\u2019s what you need to know about retiring if you didn\u2019t save nearly enough or didn\u2019t save anything at all.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Make_Every_Dollar_Count_%E2%80%94_and_Count_Every_Dollar\"><\/span><a><\/a>Make Every Dollar Count \u2014 and Count Every Dollar<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you\u2019re retiring without a retirement fund, your success or failure will depend on two words: frugality and budgeting.<\/p>\n<p>\u201cBeing frugal is not the same as being cheap,\u201d said <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/befluentinfinance.com\">Fluent in Finance<\/a> founder Andrew Lokenauth, an investing and banking professional. \u201cBeing frugal is prioritizing your spending. You need to know the difference between needs \u2014 food, shelter, utilities, basic clothing, healthcare and transportation \u2014 vs. wants, like entertainment, vacations, dining out, the newest tech and electronics, designer clothes and multiple streaming services. Create a budget to track your spending in order to figure out where your money is going and how you might be able to better allocate it.\u201d<\/p>\n<p><strong><em>Live Richer Podcast: Scamdemic \u2013 Don\u2019t Fall Victim to These Money Scams<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Downsize_Your_House_%E2%80%94_and_Your_Life\"><\/span><a><\/a>Downsize Your House \u2014 and Your Life<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you own your home but haven\u2019t been saving, there is some good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>. You actually have been saving \u2014 and now might be the time to cash in.<\/p>\n<p>\u201cBy selling your large home and expensive car, you can free up some cash to help cover living expenses in retirement,\u201d said behavioral scientist and money coach Erin Papworth, founder of the fintech startup <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/nav.it\/\">Nav.it<\/a>. \u201cStart with your house. If you own a large home, it may be time to downsize to something smaller, more manageable, and more cost-effective. Not only will this save you money on your mortgage or rent, but it will also reduce your maintenance and utility costs.\u201d<\/p>\n<div class=\"snippet-in-content snippet-in-content--user-first-text-ad-2\">\n        \n<p><em><strong>See: <\/strong><\/em><strong><em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/products.gobankingrates.com\/pub\/548486c1-d964-4bc1-83c9-3054b7360a0e?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=planning&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1415005&amp;targeting%5Bcurrent_internal_id%5D=1215024&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=retirement-at-any-age&amp;targeting%5Bcreative_type%5D=gbr-text-ad&amp;targeting%5Bcontent%5D=retirement-wrl&amp;targeting%5Bzone%5D=UF-text-ad-2&amp;resize=1\" data-param=\"1\">With A Recession Looming, Take These 3 Retirement Moves To Stay On Track<\/a><\/em><\/strong><\/p>\n    <\/div><h2><span class=\"ez-toc-section\" id=\"Pick_Your_Next_Location_With_Savings_in_Mind\"><\/span><a><\/a>Pick Your Next Location With Savings in Mind<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you do have a home to sell, the obvious next step would be buying or renting something smaller in a cheaper market. Moving to a community built specifically for retirees could earn you long-term savings in lifestyle costs like transportation.<\/p>\n<p>\u201cSmaller cities like The Villages or Sun City Center in Florida have built golf cart paths for residents to get around instead of cars,\u201d said Papworth. \u201cImagine the savings. A golf cart costs between $2,500 and $25,000.\u201d<\/p>\n<p>The average new car, on the other hand, now costs more than $48,000, and the average used car price has climbed to $33,000.<\/p>\n<p>If you don\u2019t own a home, or if you don\u2019t have the equity to relocate to a retirement community in the Sunshine State, you can still scale back your housing bills.<\/p>\n<p>\u201cThere are some buildings that offer subsidized rent, c<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed at 30% of income in major cities,\u201d said Dennis Shirshikov, strategist at real estate investing company <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/awning.com\/\">Awning.com<\/a>. \u201cRetirees could also move to states with lower taxes and less expensive housing to stretch a smaller retirement budget.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Or_Stay_Where_You_Are_and_Trade_Your_Equity_for_Income\"><\/span>Or, Stay Where You Are and Trade Your Equity for Income<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Despite the attention paid to retirement savings, a steady stream of money coming in can be much more valuable than a finite amount of money saved.<\/p>\n<p>\u201cWhat it mostly depends upon is income,\u201d said John Graves, founder and managing partner of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/gandhfg.com\/\">G&amp;H Financial Group<\/a>. \u201cIn retirement, income is king. There is a common belief that huge amounts of savings are necessary, but the reality is that guaranteed income is far more important than an IRA balance.\u201d<\/p>\n<p>Reverse mortgages can offer homeowners income in exchange for the equity in their homes without the retiree having to sell or borrow.<\/p>\n<p>\u201cA reverse mortgage can be a strategic tool for covering retirement expenses and aging in place, even if a retiree has little or no savings,\u201d said Christian Mills, head of financial advisor relations at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reversefunding.com\/\">Reverse Mortgage Funding<\/a>. \u201cReverse mortgages allow qualifying homeowners the ability to turn their home equity into liquid cash, which can be used to pay for healthcare costs, home improvements, paying down debt or supporting their desired retirement lifestyle. While the typical minimum age to obtain a reverse mortgage is 62, some proprietary reverse mortgage products are available to individuals ages 55 and older.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Get_the_Most_Out_of_Healthcare_Savings_Programs\"><\/span>Get the Most Out of Healthcare Savings Programs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As your age increases, so will your medical bills. If you\u2019re retiring with little or no savings, make sure you have a plan for paying the doctor before you put in your two weeks\u2019 notice.\u00a0<\/p>\n<p>\u201cOne of the largest categories of expenses for retirees is healthcare,\u201d said Garrett Ball, owner of the independent Medicare insurance agency <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/65medicare.org\/\">65Medicare.org<\/a>. \u201cBut fortunately, there are options that can minimize your expenses in this category. Medicare-age retirees have the option to elect low-premium plans that give broad medical coverage with minimal premiums. Also, there are state-based programs, such as Medicaid and pharmaceutical assistance programs that can help with your medical care and expenses, making retiring more feasible regardless of your level of retirement savings.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Delay_Retirement_%E2%80%94_and_Social_Security\"><\/span><a><\/a>Delay Retirement \u2014 and Social Security<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One thing that most people with limited savings can do no matter their circumstance is to remain in the workforce for as long as they can. Delayed retirement comes with several benefits.<\/p>\n<p>\u201cOne of the best options is to continue working for longer,\u201d said Andy Kalmon, CEO of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/heybenny.com\">Benny<\/a>, which focuses on wealth-building through ESPPs. \u201cNot only does this allow you to continue earning income, which you can aggressively put toward your retirement savings, but it can allow you to maximize your <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security benefits by delaying your payouts. The longer you wait to start accepting Social Security payments, the more money you get each month, and when combined with a few more years of working, that significantly improves your retirement funds when in a tighter financial position.\u201d<\/p>\n<p>The Social Security Administration (SSA) offers a breakdown of exactly how much extra you\u2019ll receive for every month you delay filing for benefits past your full retirement age. You can accumulate credits that increase your payments until you\u2019re 70 years old.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Invest_In_Professional_Help\"><\/span>Invest In Professional Help<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If money is tight, you might look at professional financial advice as an unnecessary expense, but when every dollar counts, it might be a worthwhile investment.<\/p>\n<p>\u201cWork with a financial planner,\u201d said chartered financial consultant Peter Hoopis, president of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/peterhoopis.com\">Peter Hoopis Ventures<\/a>. \u201cA financial planner can assess your financial position from your assets, liabilities, net worth, and cash flow position. Based on these and your risk profile, he can recommend the best strategies you can take to build your retirement fund fast.\u201d<\/p>\n\n<p class=\"wp-block-paragraph\"><strong><em>More From GOBankingRates<\/em><\/strong><\/p>\n\n\n\n\n\n<p class=\"has-small-font-size\"><em>Disclaimer: Cost information was compiled on and accurate as of Aug. 31, 2022.<\/em><\/p>                        <\/div>\r\n<blockquote><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n\r\n<span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.gobankingrates.com\/retirement\/planning\/how-to-retire-with-no-savings\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span>","protected":false},"excerpt":{"rendered":"<p>How To Retire With No Savings fizkes \/ iStock.com According to the U.S. Census Bureau, about half of Americans ages 55-66 have no retirement savings at all. If you\u2019re one of them, you\u2019re facing an uphill battle as you look toward life beyond your earning years \u2014 but you already know that. Learn: What Is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":564990,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2021\/11\/senior-mature-couple-discuss-finances-over-breakfast-at-laptop-calculator_iStock-1352716482.jpg","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-564989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564989","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=564989"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/564989\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/564990"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=564989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=564989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=564989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}