People may view retirement differently. Those who have prepared for it usually expect it with excitement. Those who haven’t looks at their retirement with lots of concern. For the latter, it is not always too late to prepare. There are always opportunities to enjoy life at such age without having to worry about it all the time. With most concerns usually based on the issues of what retirement would cost, people may have different ways to address them. For those who haven’t prepared for it, here are some alternative options to consider.
Retirement costs depend on your standard of living. If you realize that you may have a shortfall of funds on your retirement, then downsizing early may help you save more. Slashing your expenses while you are still working will give you more money to save up for retirement. You might consider residing in a smaller home. That will have a considerable effect on your expenses. Your lower expenses will allow you to save up more in the process.
Consider Home Sharing
If you are not bothered with having some company during your retirement, then you can consider a home sharing arrangement to help save costs. Discuss the possibility with fellow retirees who might be in the same predicament as you are- having little or no savings for a comfortable retirement. You might also consider this arrangement with a set of friends or a relative who likes to have a company at home. Sharing daily living costs can help you lower your retirement expenses considerably.
Consider Working Longer
When you have not saved up enough for your retirement fund on your intended date, the most plausible option is to continue working. If you forego retirement for several years, you get to earn more income that can go to your retirement fund. Your Social Security pension fund will also benefit greatly if you defer retirement for several years. The same may also be true to your other retirement accounts.