How to Retire with No Savings

While retiring without any savings isn’t a fun thing to consider, it is and will continue to be reality for many people across the nation. If you’ve reached retirement age and don’t have any savings, here’s how you should go about planning your retirement.

Find Money Streams
Where will you get money? Even if you don’t have savings, you will likely have a stream of money coming from somewhere — whether in the form of Social Security, an annuity or simply family members offering monthly money.

Figure out your budget
Take a look at your financial records and calculate how much money you spend in an average month. Be sure to count absolutely everything — from entertainment to medical costs.

Trim your budget
Now that you found your streams of money and have figured out your budget, the key is to trim your budget until it is lower than the amount of money you have coming in. It may take drastic changes to your lifestyle but it’s something you have to do.

Be consistent
Once you have a new monthly budget to follow, you must be consistent. You likely don’t have much wiggle room so get used to spending within your budget each and every month.

Empty Piggy Bank (Image: Flickr)