All new generations of people are entering their 60s, some are beginning to realize that there are enough investments in savings to even consider retirement. Without in mind, we are some experts for some financial tips to help remedy this situation

Unfortunately, nearly 70% of Americans are facing retirement with less than $10,000 in the bank nearly 50% of them have nothing but aside from retirement thankfully this problem can be addressed but you need to do so sooner rather than later and creating a financial retirement plan today is the secret to success

#1. Breakdown your financial situation

The first step in creating a retirement plan is to evaluate your assets. You should include retirement accounts, annuities, pension funds, savings, and any property you own. Property could include collectibles land antiques cars homes etc, anything that can generate an income by selling it

#2. Streamline your spending and cut costs

If you’ve got under 5 years to retirement age and you have no savings creating a detailed budget that helps streamline spending and cut your costs may help you remain above water a solid financial plan needs as much leading time as possible this could involve downsizing and moving home selling any physical positions you have that you’re not going to use and making as many dramatic consecutive choices as possible

For example, if you have more than two vehicles, sell one, even consider selling your car completely and using public transport or ride-sharing services whenever you need them. Cutting out gasoline costs insurance bills maintenance costs and any car payments you can cut some severe expenses you don’t need

  • Discontinue your landline and talk to your cell phone provider about getting the cheapest possible plan
  • If you’re paying high insurance policy costs raising your deductible can automatically reduce premiums
  • Start looking for seniors discounts you can take advantage of
  • Drop your health insurance policy by signing up for Medicare as soon as you’re eligible
  • If you pay for expensive medication talk to a local pharmacy about getting name brand or more generic products
  • Make your home is as energy-efficient as possible will help reduce utility bills there are many inexpensive improvements you can make such as installing a thermostat or even replacing your attic insulation

Talk to your state representatives about any federal or state programs you may qualify for for example there are many programs available to military retirees and their spouse’s many utility services also offer significant discounts to seniors on the game and help with weatherization and build reduction

#3. Paying Down your Debt

The last thing you want is to enter retirement with debt, start by paying it off as soon as possible. This can free up cash and give you an additional financial question. Since you’ve already been using this money and you don’t necessarily need your day-to-day living I should be put away into an emergency fund. If you are assisting your children or grandchildren and you know they don’t need us you don’t have to continue to be unnecessarily generous. Also if you’ve supported your kids for most of their lives it could be time for them to look after you and your retirement don’t be afraid to explain to them your financial situation

#4. Focus on Building Passive Income Streams

More than anything else you’re going to have to face the reality that retiring at 65 probably isn’t going to happen. Wow social security May provide you with an additional income you probably won’t get this at any point before 62 and it won’t cover all your expenses

If you decide to draw down your social security or take your pension benefits earlier you can consider working part-time however this will impact your social security payments and they’ll be reduced to ensure that you meet a specific threshold

If you were tired your whole life and invested substantially in your home this is probably the greatest asset depending on where you live and the size of your home you may have substantial equity tied up in it kind of full assessment of the property value and make a smart decision about your future

If you are confident that your children do not need an inheritance that they may not receive for 15 to 20 years you could potentially take a reverse mortgage what happens is that you will be allowed to live in the property until you pass away and then the value of the property will be used to repay loan your errors kind of a wish just repaid the balance and retain the property or they can just split the balance of what’s left from the sale

Here are ways that experts agree you can earn a passive income in your 60s

  • Many other people have additional rooms and space on their property why not consider renting a room to a student or students are even using Airbnb remember it takes courage to make a change in one’s life and also persistence and perseverance
  • You may have a garage full of equipment that you can either sell or rent including a boat bicycle surfboard stroller letters Power equipment camera equipment even an RV or a car
  • Talk to a financial advisor about peer-to-peer lending. They’re a wide variety of. Lending websites that will allow you to lend money to specific borrowers who have a nice to repair for a certain amount of interest this interest is generally much higher than you ever get on a savings account
  • Make better use of couponing discounts and cashback apps many of which will allow you full cash rebates on a variety of purchases including from different movie theatres restaurants retailers etc
  • If you’re an avid photographer and you have an eye for good photo money can be made by selling photographs
  • Most people either have skills they can pass on or stories to tell self-publishing eBooks and selling them online is another way to create a passive income
  • Depending on your level of expertise and knowledge you could create an online course and pass this information on to the next generation you could create a long term passive income stream
  • If you do have an RV or a car different companies are happy to pay you to be a rolling billboard. They will pay you to advertise different products and services on your vehicle

The single greatest tip any expert will give someone who is over 60 and facing retirement with no savings, is not to accept your financial situation. If you do nothing different tomorrow than you did today, nothing will change..

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