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Retire Comfortably With A Lower Income

May 14, 2012 | Comments: 0 | Views: 193

Is Your Retirement Savings Account Healthy?

Lots of us baby boomers have worked very hard to try and save money for our retirement. The last few years have been pretty tough on retirement savings though.

  • Many older people lost their jobs. A job loss will certainly decrease retirement savings rates. Some unemployed older people even had to pull money out of their account to pay bills.
  • Lots of older folks kept their jobs, but still saw their retirement accounts decrease in value because of a weak market. They may have savings, but not as much as they hoped to have.
  • Even if people did maintain their income, and keep their retirement savings intact, they may not be making as much as they had planned on their invested money.
  • Finally, a decline in the value of other assets, like homes, may have thrown retirement plans far off the track. Some people counted on using their home value as a big retirement asset, and now that may not work out well.

Can You Work Forever?

For many people, the solution to these problems is to keep working. However, most of us realize that we cannot just keep working forever. We may have to retire as our health declines, or even as our company imposes retirement at a certain age. Even if you are perfectly healthy, you may want to pursue some other goals during your retirement years.

If you have had some financial setbacks, is there another solution? Consider some creative ways to retire comfortably on a fairly low income. Surprisingly, many people do not even realize these solutions exist. You may be able to find cheaper ways to live or maximize the assets that you do have.

If you do not own a home, you may worry about being able to pay rent. Have you looked into federally subsidized retirement housing? These exist all over the US, and they provide inexpensive housing for disabled people and people over age 65. Some of these homes and apartment complexes are in very nice parts area. The rent is based entirely on income, and they provide a comfortable place to live for a low price.

To find low income housing for seniors, find the housing authority in your own county. That organization should have a website which lists your options. Many larger apartment complexes include amenities like bus service and social events.

If you do own a home, you have more options.

You may decide to share your home with another senior in return for a modest rent. This can increase your income and help you utilize extra space you do not need.

You could also decide to sell your home and use the proceeds to help you generate more income in the future. You might invest the proceeds in an annuity or other secure investment that can pay you an income each month.

Finally, you could look into reverse mortgages. These provide a way to generate income from your home while still allowing you to live in it as long as you want to.

Do You Have Enough Income To Retire? Many older folks are worried about having enough money to retire. Visit us for some more ways to retire cheaply. We also list some cheap US retirement places.

Source: EzineArticles
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