Far too many Americans are facing retirement with little or no savings. 2019 Northwest mutual conducted a planning and progress study which revealed that 22% of Americans have less than $5,000 in their retirement savings accounts. More rightly, 15% of Americans have no savings.

This poses a serious issue as people are living longer than ever experts believe you should have a minimum of eight times your salary saved by the time you retire at 65. So if you find yourself with no significant retirement savings and your closing in on 65 years of age, what can you do. Only taking action will create change in your life.

Retire with Little or No Money in Savings 

1. Examine Social security benefits

The first thing you should do is look at the social security entitlements you’ve been paying into these throughout your career, and you will receive these benefits on retirement. Many Americans simply rely on social security benefits to help them during their retirement however you’re not guaranteed these benefits

To qualify for social security, you must have worked for at least 10 years and received 40 credits. They will then calculate your benefits on your highest 35 years of earnings and the age that you apply for them. It may be beneficial to wait until you claim your benefits as the higher your earnings and hold you are the greater benefits you will receive.

Anyone who hasn’t worked for 35 years, will add any more zeros to the missing years of the social security administration and this could dramatically reduce any benefits paid. Full retirement age just now 67 friends even born after 1960.

It’s also important to note that social security is only designed to cover a specific portion of your retirement expenses as of 2019 monthly benefits in the US average under $1,500 and this amount is unlikely to cover your entire retirement expenses. If you completely depend on social security, dramatic changes will need to be made to your lifestyle.

Retire with Little or No Money in Savings 

2. Living expenses will have to be reduced

If you face retirement with little or no savings, your living expenses will have to be reduced, and your lifestyle downsized, and this may diminish your financial burden. The first step in this process is to completely evaluate your living expenses such as vehicle expenses, and senior care mortgage, Start by identifying your largest expenses and look for viable options to help reduce these for example if you own a three or four-bedroom house in an expensive city it may be worthwhile considering downsizing to an area of the country where the cost of living is lower than using the money that you save and earn from the sale of your property to put it towards your retirement

For example, if you currently live in New York and decide to move to Phoenix, Arizona, it’s possible to reduce your cost of living by up to 20%. Once you have minimized your outgoings, it’s time to consider a side hustle or using your existing skill sets to earn extra cash, for example, you could start pet sitting or dog walking, or even cooking they’re a wide variety of activities you can use to earn an additional income every month. If you do nothing different tomorrow than you did today, nothing will change.

3. Pay off your existing debts

Another way to help reduce the cost-of-living expenses when you retire is to do so with no outstanding debt. That repayment will prevent you from living comfortably in retirement, and right now they may prevent you from saving for retirement. Expert advice that you pay off your highest are most expensive debts: first, avoid credit card debt and start putting any extra cash you have towards reducing your balances.

Facing retirement with car repayments and mortgages and even education loans to be avoided if you are paying for a mortgage that you cannot afford in retirement it’s advisable to eliminate it as quickly as possible if you’re driving a car and that’s too big downsize and your instantly save money. It may be worthwhile talking to a financial advisor, and they’ll be able to teach you how to allocate your finances to pay down your debt at a sped-up rate.

4. Get a secure pension

Pensions provide retirement payments to employees and via guaranteed income once you reach a specific age. Pensions are common 20 or 30 years ago but now becoming a few most corporations and organizations will offer them however far too many Americans simply opt out of pension plans.

Unless you’re a state or federal employee, a firework, a police officer, or a teacher are even in the military. The odds of you having a substantial pension is quite low. Companies such as United and general mills do offer older employees the option of buying a dimension you should take advantage of one if it’s available. If you can clear your outstanding test, I have a pension on retirement and receive your maximum social security benefits you should be able to live comfortably in your golden years.

Experts advise that pension plans are more effective the longer you stay with one employer. Employee tenure plays a huge role in the benefits received and the level of compensation that’s available to you by jumping from Korea to the career you may not generate a large enough pension to cover any retirement costs.

5. Continuing to work in retirement

One in five Americans aged over 65 is currently working or looking for work. That cigarette doubled in the last 30 years, so if you face retirement in a poor financial situation and you’re healthy enough, working in your retirement years is probably the best option for you. If you want to maintain a certain standard of living after leaving your full-time job, working a hard time, or even consulting can help you cover specific living expenses. You may even read about some additional benefits, for example, some jobs would even pay for health insurance enough for paid vacation. While it’s unlikely, you will earn the same salary you had before retirement working past the age of 65 will certainly help you supplement your income and deal with many financial difficulties. It takes courage to change one’s life, and also persistence, and perseverance.

The bottom line

Thankfully, even if you retire with little or no savings it’s not the end of the world there are options available to you to identify the ways to boost your income, pay down your debt, reduce your living expenses and you can culturally live life in your golden years.

If you’re worried about your financial status heading into retirement, we’ve asked the leading financial advisor for some tips to help you plan more effectively for your retirement today and in the future

1. Focus on saving  

If you’re not saving money starting today, whether it’s for retirement at the healthy habit or even the small step will become part of your natural monthly routine your quickly see your phones increase

2. Understand your retirement needs

Retiring is not cheap expertise in the industry believes that most people will need 60 to 90% of their prayer retirement salary to help them maintain a standard of living

3. Take advantage of pension plans

If your employee has a 401K plan sign up today and start contributing today, you will pay less tax and you’ll force your company to contribute to your pension all the oceans are automatic so you completely

4. Learn how your employer’s retirement plan operates

Every retirement plan is different talk to your employer about their traditional pension plan to find out what it covers and understand exactly how it works unless it will be hugely beneficial to you and years ago

5. Learn to make long-term investments

Many savings plans are for no interest and inflation ends up stripping basic savings returns. Talk to a financial advisor but different long-term investments are available as this can play a huge role in ensuring you have enough finances in retirement.

6. Try to never touch your retirement account

This may not always be possible but if you can look at every other option before you withdraw any money from retirement savings as you will not only lose your principal but you also lose tax benefits, pay fines and lose interest

7. Ask your employer to start a pension plan

If you don’t have an existing pension not at work talk to your employer about starting one there is a wide variety available

8. Open an IRA(Individual retirement account)

There are a wide variety of IRAs available and current, if you’re under the age of 50 you can put over 6,000 a year into these accounts tax-free you can start whatever amount you and once you reach 50 even get greater tax benefits

9. Understand social security

Study your social security benefits and understand that you will receive 40% of your income in retirement

10. Start asking questions

If you have questions about retirement savings that your employer offers. Start asking questions today, talk to financial advisors, talk to your bank, and read as much as you can the more information you have, the more power you have, and the greater chance you have of retiring financially stable.

“People may doubt what you say, but they will believe what you do.” ~Lewis Cass
“The path to success is to take massive, determined actions.”  ~Tony Robbins
“An idea not coupled with action will never get any bigger than the brain cell it occupied.”~Arnold Glasow 




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Commission on heroEssential tips for having your own business

Top Tips You Need to Start Your Online Business

At this moment in time, Jeff Bezos remains the richest man in the world, with his net worth assessed at nearly $200 billion. There is one fact that you might not know, he did not start his empire in Silicon Valley, but rather in his basement. Grasping the importance of technological advances, businesses now shift their focus to e-commerce.

Online sales are no longer new, and they do make a good start.Word Art Crc

The competition is even more fierce, now that people need no brick-and-mortar store to sell, so you had better be well prepared.

If you try searching “how to start an online business successfully,” you will see hundreds of millions of Google results. Google’s algorithms certainly include a volume of irrelevant suggestions, but the first few pages already serve to answer your question.

Now, the main problem is, do you want to scrape through 50 or 60 web pages to do thorough research for useful information?

The common misconception we often have is that the top Google results are the most credible. That assumption is only partly true, as businesses utilize their blog posts to get money.

Therefore, they invest in their marketing strategies and search engine optimizations. Also, websites with higher traffic stand higher in search result pages. Popularity never stays equal to truth.

As you scroll up and down and read tons of new concepts and tips, you may get lost and be unable to differentiate what is right or misleading. A lack of knowledge from the start guarantees a bitter end.

Hence, you should find a mentor or a trainer from the beginning to draw out the strategies for opening and managing your online business.

It takes effort to do online businesses, so do not let those “get rich fast” people waste your time and money. Conveniently, we have reduced the hard work for you by summarizing the prospects you need to head for.

The hardest part is always the start. With courage and perseverance, you will make a change in your life. Step up and take some action!

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Our Special Report on Market Timing includes 10 sections about how savvy investors use Trend Investing and Market Timing to vastly improve their returns.  This report does not show you the step-by-step system but it explains what Market Timing is, and how when it is combined with Trend Following, Trend Trading, and Trend Timing you can vastly improve your returns.

You will learn

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If you would like a copy of this Special Report as well as our Special Report on Trend Following Strategies please fill out the request below and we will send you a pick-up link along with some other strategies to know and understand before you select.


Financial Freedom Starts with Learning your options