No Retirement Savings or Plan
More than 60% of Americans Do Not Have a Retirement Plan
Photo Credit: Jacob Wackerhausen/iStock
What Should You Do If You Have No Retirement Savings?The answer to that question is somewhat contingent on how old you are and what your current health is. If you are in your 50s or 60s and you have little or no savings set aside then you have quite a challenge ahead of you. The younger you are and the more money you can set aside the better off youll be, obviously.Start saving today. Even if you are in your 50s or 60s start setting aside as much as you can afford. Obviously many people failed to establish a retirement account not because they refused to realize that they were getting older, but because they simply had no way to fund an account in other words, they were living paycheck to paycheck and had no money left over for any type of savings.If you are in that position, where you have no disposable income each month for such frills as retirement savings, then start cutting back on your continuing expenses. If you own a home pay it off. If you cant pay it off, consider selling it and purchasing a smaller home that you can pay cash for. Consider doing this even if you have to relocate to do so.Try to find a place within walking distance of stores and other amenities so you can eliminate the use of your vehicle as much as possible.Once your mortgage payments are eliminated, start growing as much of your own food as possible. It probably wont be possible to grow everything you need, but you can certainly cut down on your expenses. Raising a few chickens for eggs can be not only rewarding, but can also save you quite a bit of money each year.
Will It Be Enough?
Cutting back enough to make whatever income you earn plus your social security pay for your retirement is an iffy proposition. The first time you are ill and have to spend time in a hospital the game could be over.Look everywhere, on the Internet and everywhere else for some type of passive income that will pay you even if you cant work. Finding such income is not easy, but then neither is not having any retirement income and looking at 15 to 20 years of surviving without a job.
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