Retirement is a part of our lives we’ve both dreaded and looked forward to, sometimes simultaneously. We save for it and worry about it, and dream about what we’ll do with all that free time. But unexpected things happen, like a health crisis that drains our savings, or stock markets that become volatile.
Things we have no control over can upend what we thought were carefully laid plans. In any case, you may find yourself needing to budget more strictly than you’d anticipated. It’s fine, it happens to all of us or will one day sooner or later. But you’ve gotten by so far on your wits, there’s no reason you can’t keep doing that now.
Don’t Panic
These famous words from Douglas Adams’ classic Sci-fi novel, The Hitchhiker’s Guide to the Galaxy, are words to live by at any stage of our lives, on this planet or any other. If you find you don’t have enough income from your Social Security and retirement funds, don’t panic. There are things you can do and steps you can take right now to help get you out of the financial slump you may find yourself in.
You Can Always Un-Retire
No one says you can’t go back to work. You may not have the option of getting your old job back, and maybe you don’t want it anyway. Temp or part-time jobs are always available. Working retail a few hours a week in a small shop has the added benefit of getting you out of the house, socializing, and most likely a discount on items for sale. Temp agencies fill positions like office jobs, health care work, and skilled labor. Seasonal jobs like delivering gift baskets or filling in during busy sales days can add income without a long-term commitment.
Flexible accommodations from Northfield Retirement Communities are designed to meet your social, housing, and health needs. Schedule a tour!
Un-Retire Like A Boss
Who’s the boss? You are. Start your own business. Some part-time or temp jobs just don’t pay what you need or what you feel your time is worth. Investing in your own business is actually financially sound. You’re probably getting between 5% to 8% return on your investments, but putting that into your own business can earn you 2-3 times that much in tax savings and profits. Though you don’t want to use all your savings or take any money from your 401, you could consider getting a partner to share some of the start-up costs for an equal share of the profits.
Sell Your Attic
Maybe not the actual attic, but all the stuff you’ve got stored in there. Ask your children to be honest about what they’d like you to leave behind and what they’ll likely sell after you’re gone, then you sell it first. If you’re not familiar with online selling sites, get familiar with them. Invest in a decent phone with a camera, learn how to take good product shots, and then wait for the offers to come in. Most people are shocked at how much the things they didn’t realize had value are indeed still worth something.
Use the Free Money That Comes in the Mail
Aka, coupons. When you were working full time and busy, you probably just tossed them out with the junk mail. Stop doing that. You have time now to go through them, so go through them and clip them. And don’t forget they’re in your wallet when you go out. If you must, wear a pin that says, “ask me if I have coupons.” It’s literally free money.
Eat Your Vegetables and Go Outside for a Walk
In other words, stay healthy. It costs a lot of money to be sick—-a whole lot. Prescription drugs, co-pays, surgeries, and hospitalizations can all knock you on your financial backside faster than any other expense you’ll incur. Regular exercise decreases your risk of cardiovascular disease and eating foods rich in antioxidants decreases your risk for diseases like cancer.
Northfield Retirement Communities offers trustworthy and professional rehabilitation, independent living, assisted living, skilled nursing and specialty services for seniors. Call 308.632.4342 for more information.
