If you’re worried about your retirement, the first thing to do is… Don’t Panic!
In this video, I'll reveal some ideas of what you can do if you have limited savings or no money at all saved for your retirement.
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You definitely need to watch this video until the end so you don’t miss any of my top 12 recommendations.
Let’s get started. It's never too late to start planning for your future. The earlier you start, the better it is, but it's never too late to take action. Here we go…
Number 1. Better Late Than Never
Remember, you’re not alone. Many folks nearing retirement find themselves in similar situations, so don't be too hard on yourself. Take this as an opportunity to start fresh and make the most of it.
The purpose of this video is to provide you with ideas that can spark your interest and make a difference in your retirement years, especially if you find yourself over 55 with little to no savings. By implementing some of these ideas, you can improve your financial situation and work towards a more secure and comfortable retirement.
Number 2. Believe In Yourself
Although it may feel overwhelming right now, remember that nothing is impossible. You possess the strength, creativity, and resilience to overcome challenges and achieve your goals.
You are more capable than you think, you are stronger than you think, you are more creative than you think. You can overcome any challenge when you put your mind to it.
Number 3. Your Well-Being
Your well-being is vital to your retirement. Exercise and a healthy diet can enhance your ability to work and earn for an extended period. The benefits of good health are huge!
When you feel good, you have more energy, and it will enhance your ability to work and earn longer.
Number 4. Do a 30-Day Audit
Commit to tracking all your income and expenses for 30 days. Every day, write down everything you spend money on. Simply list it like this, using four columns: The date, the items you spend money on, how much you spend on each item and lastly the column showing how much you take in.
Date Items Expenses Income
May 1 Gas $28.50
Bills restaurant $39.00
Salary $795.00
May 2 Groceries $44.80
Coffee $3.95
Magazine & snacks $6.95
McDonald’s $8.95
You get the picture. This exercise will bring clarity to your financial habits and help you identify areas where you can save money. Don’t over complicate it, but make sure you list everything.
Then after 30 days you simply add up the expense and income columns.
Number 5. Create a Budget & Start Saving
Next, sit down with a cup of coffee and take a deep- dive into your 30-day audit. Mark everything on the audit spreadsheet you really don’t need or believe you can cut back on.
This will help you see how much money you can save every month and put it towards your retirement savings. Remember this, it's not about how much you earn but rather how much you keep from spending.
You must control where your money is going. You can’t manage what you don’t know.
Only when you have clarity on how much is coming in and how much is going out every month, will you be able to manage your money well.
Number 6. Start Paying Off Your High-Interest Debt
Pay off high-interest debt as soon as possible, because it can significantly impact your retirement savings. Start with debts that have the highest interest rates to reduce the burden and allocate more money towards your future.
Number 7. Cut Your Expenses
After you’ve paid off some or all of your high-interest debt, you should start looking for ways to reduce your expenses and put that money towards your retirement savings. Consider downsizing your home, driving a more affordable car, and trimming non-essential expenses such as dining out or cable TV. Look at your monthly statements and find and make sure your actually need (not just want) everything that’s being charged to you. You must stop any unnecessary expenses.
Number 8. Explore Side Hustles
If your main job doesn't provide sufficient savings, consider starting a side hustle to generate extra income. Freelance work or selling items online are just a few examples. Embrace your creativity and think outside the box to supplement your earnings.
Number 9. Consider Working Longer & Delay Starting Social Security
Consider extending your working years if you haven't saved enough for retirement. This will allow you more time to save and enables your retirement savings to grow.
By working longer, you can delay claiming your Social Security benefits. This strategy offers multiple benefits, including a better earnings history and delayed credits, resulting in a larger monthly Social Security check. Look into Social Security strategies or consult professionals if you need personalized advice.
Number 10. Maximize Employer's Retirement Plans
If your employer offers a retirement plan like a 401(k), make sure you contribute the maximum amount allowed. Many employers provide matching contributions, which means they will contribute a certain percentage of what you contribute. This is a great way to take full advantage of this opportunity to grow your retirement savings.
If your employer doesn't offer a retirement plan, consider opening a Roth IRA. A Roth IRA allows you to contribute after-tax dollars, and withdrawals in retirement are tax-free. It can be a great alternative to a 401(k) and offers more investment options and tax benefits. Evaluate your options and choose the retirement account that best suits your needs.
Retirement plans can be very complex, so consider consulting a financial planner or accountant to help explain everything.
Number 11. Never Stop Learning
Continually educate yourself on personal finance and investment strategies. Yes, educate yourself on all things. You are worth it! Read books like "The Richest Man in Babylon" and "Think and Grow Rich" for motivation and inspiration. Learn about tax strategies, retirement accounts, and catch-up contributions. Knowledge is empowering and can help you make informed financial decisions.
Number 12. Look Into a Reverse Mortgage
The Federal Housing Administration has a reverse mortgage program that’s called the Home Equity Conversion Mortgage or HECM for short, which enables borrowers to withdraw some of the equity in their home.
Basically, it works like this… if you’re at least 62 years old and have at least 50% equity in your home, you could be able to eliminate mortgage payments and establish a tax-free income to supplement your retirement. Consult professionals and explore the possibilities.
There are other reverse mortgage programs out there with different rules, so check them all before you make a decision.
So, there you have it, my top 12 recommendations.
If you found any part of this video beneficial, I would love to know. Please add a comment and let me know what stood out to you.
Thank you so much for watching. Make sure to like, subscribe, comment and share this video. I'm publishing videos regularly to show you how you too can make smart financial decisions, by saving and making more money so you can feel secure about your retirement.
Remember, building a successful retirement savings plan is achievable, regardless of your starting point. While starting early is ideal, taking action today by implementing the recommendations provided in this video.
Educate yourself, seek professional advice if you’re unsure. By taking proactive steps, you can create a brighter financial future for yourself and your family. Start now and let your retirement dreams become a reality.