How to Retire on No Money
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I don't know about you, but every time I read one of those retirement planning guides or see that Ameriprise commercial where Dennis Hopper sits in the middle of a highway on a plastic tub chair shaking his finger at me, I just want to climb into bed and eat a pan of brownies.
The recent economic downturn left lots of Americans in the over-50 age bracket in the lurch in terms of retirement. Many workers lost as much as 70% of their 401k savings, and lots more lost their jobs altogether and now are trying to scrape by on no income or on greatly reduced part-time incomes until they become eligible for social security and Medicare at 62 or 66.
Even before the downturn, employers were dropping pension plans like hot potatoes.
I personally was hired into a multinational insurance corporation in the last year that they still offered a pension and a 401k, and I did stay there long enough to be vested, so there's something there, but it's not like it's a fortune, and it's not like I'm counting on it either.
In the current economic environment, I figure, anything can happen.
Assuming you believe suicide is not a responsible option (and I believe it is NOT), and assuming you don't want to move in with your kids (or you don't have any kids), what can you do when retirement is just around the corner and you're having trouble paying your heating bills, never mind building up your 401k? (Again!)
The bad news is, there are no easy answers.
The good news is, it's not impossible
Define what retirement means to you. What do want from retirement? If you want to travel the globe on your own luxury yacht surrounded by babes half your age, you may not find a lot of help in this hub.
Chances are good though that what you really want is to just not be at some crappy job that you hate and spend more time with your family instead. You also probably want to have the time and the money to do a few of the things you've put off for so many years. Get out a pad of paper and list those things. Imagine an average retirement day, the sort of day that would make you happy. Write about it. What are you doing each hour? How does that feel? What do you have now that you didn't have when you were working? Be specific.
You can't get what you want if you don't know what you want, so start there.
Review your ideal retirement for hidden income potential. You probably know a lot more than you think you know about something you absolutely adore doing. It's fun to think about finally having leisure time during retirement so you can hunt, quilt, cook, hike, write, or whatever hobby you have that don't get enough time off to really enjoy now. For most people, leisure time for doing what they love is a very big part of their dream retirement.
Ask yourself if that thing you love doing would really be any less fun if you spent part of your week teaching it to other people, consulting about it online, blogging about it, or doing it for someone else for cash. Retirement with no income except social security looks a lot more grim than retirement with a steady half-time income. Lots of people have started small businesses as they approached retirement out of necessity, only to discover a 'second wind' vocation that was much more rewarding than the wage-earning job they just left behind, and also much more exciting than the unlimited leisure time they thought they wanted.
In the U.S., once you reach full retirement age, you can draw social security benefits with no limit on earnings. If you retire early at 62, the SSA uses a formula to determine how much you can earn. (Find out how much by clicking on the hot link.) The guidelines are fairly generous.
Downsize or pay off your home. One of the biggest stressors for retirees is worry about how they will pay their bills. For most people, the mortgage payment is far and away the biggest recurring monthly expense. Can you double that payment now so you don't have it once you retire? Can you at least add another $100 or $200 to your monthly installment right away?
Financial experts used to advise against paying off a house for a host of good reasons that apply less and less in today's messy economic landscape. Many are now saying that anything you can do to get you to full home ownership is akin to a default retirement plan. Manage that, and at least you will have a roof over your head. That's worth a lot.
If there's just no way you can pay off your current home, consider downsizing. Now is an EXCELLENT time to buy a home for cash, and there are many on the market. Look for something small that you can make energy-efficient fairly easily and fairly cheaply, in a relatively safe neighborhood.
Downsize your lifestyle. If you start cutting back on luxuries now and make that a habit, by the time you actually retire you won't feel so much like are giving up everything fun.
You don't have to go on a total luxury diet, but take a hard look at your actual spending and ask yourself which nonessential expenditures give you real pleasure and which ones are just eating cash.
Would you be just as happy browsing Barnes & Noble and then checking the books out of the public library? Do you really need a Starbucks latte every day, or would one splurge a week do it for you just as well? (That's a savings of almost $100 a month right there!)
If you write down everything you spend money on, without judgement for an entire month and then review it, you'll be astounded at how much cash you waste on things you don't even enjoy that much.
Get creative. Reach out. Pool resources. If you have a large home, can you rent out one or two rooms to students for additional income? Do you know your neighbors? Would they be interested in sharing a lawn mower, a snow blower, planting a communal vegetable garden, participating in seasonal gatherings to process and can produce for the winter?
Do you know of community centers or schools in need of tutors or volunteer instructors? If you are single, do you join activities at senior community centers? Have you ever considered sharing expenses with a room mate? No single one of these ideas will work out for every person, but some combination of them might work out better than you ever imagined.
Get a cat. Cats don't care if you're rich. Cats can also tell when you are upset, and they'll come and snuggle with you until you feel better. If you can't afford a facelift, they could care less. (Actually, they could care less about most things, but they do grow on you.)
Studies show that seniors with pets stay healthier and happier longer than those without. So get one. They're cheap, they're cuddly, they love you unconditionally.
Volunteer. You're probably thinking, I have no money and she wants me to volunteer? What part of "I have no money!" does this woman not understand?
The reason volunteering is a good thing to do when you are facing tight resources is that so very often you get back so much more than you give. You meet people worse off than you, and you actually help them, which is a wonderful feeling and puts your own troubles in perspective. But more importantly, you develop a real support network for yourself at the very same time.
Give what you have, even if it is only your time and yourself, and you will receive back more than you ever imagined without having to ask for it. I know some people will snort at that idea, but I've seen it in action too many times to doubt it at this point.
Here in the U.S., everyone is SO focused on money right now. Money is great, but it's only money. As we've seen so many times in recent months, money comes and money goes and we don't always have total control over when or why. The positive side of this volatility is that it has the potential of putting us back in touch with our true worth and with what is really valuable in life.
We are each here for a reason. Even when we're old, even when we're broke, we belong.
We're not junk. We have value whether our pockets are full or empty.
Believe it.
And enjoy your retirement, however humble.
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Hi Pam, I was out with my brother yesterday evening and we were talking about getting older, and retiring. He's ten years older than me, but has no big plans to stop working until or unless his health gives out. I'd not really thought much about it before, but I suppose I feel similar. I think I might pass on planning my old age just yet. I know my dotage is waiting for me over some distant hill on the horizon, but hey, not just yet please! (Although Costa Rica does sound like fun!) Good tips for those who are a little ahead of me BTW!
ahmad--You have to sign up for Adsense, Amazon, and/or Ebay and the money is deposited in your bank account. Thanks for stopping by.
Hi Amanda--It's like that here too. You see all these financially planning advertisements on TV but they don't really apply to very many people at all. I guess it's like that million dollar pencil theory--You only have to sell one! lol!
Great ideas, Pam!
Thanks Ralph!
Excellent Hub. You've covered most of the essentials for real retirement planning -- actually plan how you are going to live and what you want to do, for yourself, instead of letting it go to the default of what other people tell you to. That is far more vital than how much money you had saved up for it.
I didn't realize this was a HubMob topic, so I'll go write something on it now if I can figure out how to get the HubMob thing working to flag it.
Hi robert--I'm looking forward to your hub on this! I know you have a lot to share in this regard. I am in this boat myself, and I don't feel nearly as hopeless as I should. lol! Seriously, sometimes less really IS more. :)
I tell my kids they should be saving at least 15% every month if they want to avoid spending their retirement in a room in a tenement with a bare light bulb hanging down from the ceiling, sitting on a broken down bed, a bottle of ripple on the floor, and pee stains on their underwear.
Informative article with an excellent point of view for ones retirement years. You are right Pam sometimes less is more. One thing for sure---it provides (more times than not) less stress and that's a good thing!
You get to a point in your life and you think, is it worth the hassle this work nonsense. So three years ago I sold my house in Wales and bought one outright in Italy. Downsizing as you say, its the best way. I now grow my own veg, make chutney with the extra and don't have to worry about having a roof over my head. The rest you can always put a little by to get you through and diversify your work practices as you never know which one is laying off next. So I teach, write, paint do a little admin. Its like working retirement, or having a practice run at it. I now only need ot work half the week instead of the whole week and them be too tired to enjoy it.
Your hub arrived just in time....I was having a bad moment yesterday when it hit me that at 57 I am unemployed....and what do I do next? Luckily I just finished a course in Reflexology...and am hoping I will be able to make money using that new skill.
Good hub. 70% losses. Wow, I guess they should have been more conservative. When the going was going too good is when people should've said OK. I'll go more into fixed income or annuties and let the equities take a breather. BTW, my favorite part was about the brownies. Those are the best with healthy walnuts of course.
Hi Ralph--So. are your saying that the bare lightbulb peestained room scenario is a BAD thing? (Says Pam, hurriedly scrubbing the pee out of the carpet and dimming the lights...) LOL! Seriously, I tell my kids the same thing. :)
Nancy--So true, the less you have, the less you have to worry about!
knell63--I am in a similar place in my life. It happened a couple of years earlier (55) but I hit the same wall. BTW, what do you DO with chutney???? The reason I ask is, I made a dozen jars of last fall with our leftover green tomatoes, and it's still sitting in the cupboard. I wouldn't say it tastes bad exsctly...I'm not sure what to think about it. This year if I have green tomatoes I'll make mincemeat instead. THAT I know how to use! :)
Enlydia--I think lots of us have been having a few bad moments lately. Hang in there. Reflexology can be lucrative if you build up a regular client base. Good luck!
ocbill--I don't know. I had my 401k invested fairly conservatively and lost 50%. My brother-in-law lost about 66% of his and then got laid off. I don't think the average person has the skill to figure these things out. I consider myself to be not totally stupid, yet my results were unimpressive. A big part of the problem is that now 401ks are the ONLY retirement savings a lot of people have, and they are much less secure than are made out to be. That would actually be a good hub topic too. Thanks for your thoughts and the idea!
Governments want us all to work on after the age of 65. People work tirelessly at things they enjoy. I’ve been thinking for a while now that people would be less likely to jump off the treadmill ASAP if working conditions improved rather than deteriorated. But laissez-faire, small government, deregulation, leave it to the market…
Hi amillar--I agree, people would probably work longer and live longer if they had more control over the nature of their work and better working conditions. I got off the treadmill last year because I could see it was making me sick. I make less money that I would in a corporate job, but I'm a lot happier. I plan to write and work for myself as long as I can still move my fingers. I think that work is one of life's greatest joys when it is the RIGHT work, the work each of us is here to do. Thanks for your thoughts! :)
Hi, Pam! I liked this hub (just like I like every other hub you publish) and it got me to consider something very important: I don't want to be 75 years old one say greeting people at Walmart while passing out (funny use of words) stickers to laddies. No, I want to spend time with the grand kids while telling him them about how I walked 5 miles through a blizzard in flip-flops to get to school! As the saying goes, that's not how I roll...Thank you for this! I did write something along the lines on saving money, if you're interested:
http://hubpages.com/hub/How-To-Save-Money-For-A-Ho
Hope you enjoy!
Thanks dohn--I agree, no Walmart! lol! Well, I'm off to check out your hub, thanks for the link!
Great thoughts. Retirement in 21st century will be different and people need to start deciding how they want to define it.
Hi Cathy, that is so true. Thanks for stopping by. :)
I like the idea of downsizing one's lifestyle. It is not as bad as it seems. Did you ever hear of the story of Michael Gates Gill who had to downsize his lifestyle from an high-paying executive to a Starbucks barista? He found that he actually like his down-sized life much better and happier. I wrote a hub about this.
Hi peaceful paradox--yes I heard that guy being interviewed on NPR one day. He was pretty interesting! I agree with you: downsizing one's life has a real up side to it. Thanks for your thoughts. :)
I like the last part of your hub on finding our real worth and not be focused on the money. Too often I see "senior" citizens who do not want to retire because they don't know where they can get their retirement money. Sometimes I think one really has to take the plunge if one wants to retire.
Forget about retirement, I’ve known for many years that I’d never be able to retire. For me it’s one of those elusive dreams people dream, like “gee I wish I could win the lottery, then I’d be able to….”
Besides I’m one of those unfortunate individuals that has no health insurance, so the way I figure it I probably won’t see the other side of sixty anyway;-)BTW, another Great hub!
This will be me in a few years time lol
I read an interesting article that laid out the unrealistic nature of retirement and even the unhealthy aspects of it. This article stirred my thoughts when it asked, Why do we consider retirement an entitlement? This question raises more issues as I consider health care. Hmm. Thanks.
Hi emievil--I don't think we value older people enough or at all anymore, and I also think people are worth more than the amount of money they have or don't have. We're losing that way of looking at things, and it makes life uglier and scarier. Thanks for your comment.
Percy Dee--I'm one of those people without health insurance too. Even when I had it though, I couldn't afford to use it because it barely paid for anything. Anymore, you walk into a doctor's office, he orders a few tests, it's a couple thousand dollars and you don't even know what's wrong yet.
Ethel--I'm not spring chicken myself! lol!
Storytellersrus--I have mixed feelings about it. If people had more employment choices it would be one thing, but when I see women and men in their 70s working the cash registers at Kohl's (and I do see thata) or as greeters at Walmart or sweeping up McDonald's, it makes me sad and uncomfortable. Maybe they really love those jobs, but I kind of doubt it.
On the other hand, one of the reasons people die early is they retire, there's nothing to do, it isn't what they hoped it would be, and next thing you know they drop dead. We all know people this has happened to.
I will work as long as I'm able, but I work for myself, and I live simply. Plus, I have a partner, so we have two incomes. If I can't work, my hope is that society will NOT decide to make me into cat food, but the way things are going I'm not too hopeful. Thanks for your thoughts. :)
I guess I should think myself lucky living in the UK with our national health. Everybody over here is always moaning about it, and I think they should be grateful to live in a country where you can have treatment for free. Well I know we pay some in taxes, but does'nt every one else too.
This was well-written fun to read and had good info!
Thanks kartika!
Helen--Yes, I think people complain about everything, but here even if you have private insurance you can get into a catastrophic mess if you ever actually need to use it. It looks like we won't be getting any reform either. It looks bad right now.
Good information, like someone said earlier, we don't think about our retirement untill we're almost there. I lost a lot from my 401K and then got laid off. There was a 30% penatly for cashing it in, and it's begining to look like I'll have to work till I'm eighty. Good thing I like to keep busy. :)
Ps. Does feeding stray cats help? :)
Love the common sense in this Hub. A nice piece of writing!
We've often spoken about several of us moving in together as we age, to help each other out, etc, sort of like a golden agers commune. I suggested that we buy a motel, live each in a room, rent out some rooms to cover expenses and share a common area. One of my friends asked 'do you mean we'd have to put up our life savings?'
'Yes,' I answered.
'Well,' he said, 'I'm glad I don't have much money.'
Ya had me up to the "cat" part. Just kidding...great advice! :)
cool hub....i love your ideas rundy.....but most of the time....people retire with no money will end up taken care of government...some countries did provide a good retirement plan for their citizens like in US and Australia....but this thing does not apply in Asia...
Good Hub. Well written. Good info.
PG
LOL - Yea good old whacky felines
Actually You've got a point there
Pets will accept you unconditionally, and give you a purr or tail wag at the same time. Of course you will need to either make sure they're healthy or become a vet, because vet bills tend to be significant, however these days you can take out pet insurance, which will cut the bills in half.
Nice thought provoking Hub
pgrundy, I really enjoyed reading your hub. I am getting closer to that age of retirement and it scares me! But your words of wisdom are comforting and well worth reading and attempting to at least follow through on. I use to volunteer as a young girl and I loved it. You are so right...you do get so much more back in return! :) I heard it once said:'your worth is not what's in your pocket book, but what's in your heart'.
You're hub is great, thought provoking! Retirement, everyone's dream. I want to be responsible for just "ME" for the first time in many years; I want the house I don't need anymore to morph itself into a smaller manufactured home with land for a garden and a kennel. I want to wade through the dog shit, sketch in the yard, and curl up in front of a fireplace at night.
And the only thing that scares me about the things that I want............ are that I'll be too old to enjoy them when I finally get the chance. I think maybe it's time we all just take the chance to live the dream.
I was expecting the answer to be move in with your kids. Seriously though my spouse and I talk about retirement alot even though it is a long way away at this point. We do not want to end up not having enough placed back for the day when it does arrive.
I'm reading this with my feet propped up because I've just been out with Tricia pushing ads for her Pilates lessons through letter boxes. (Pat writes). Both of us Patricias have learned so many new skills since we stopped working in a conventional way. Most days we agree that we are happier now that we have less money. (There are other days when we are not quite so ecstatic).
BTW - green tomatoe chutney. Try it with grilled cheese, or even in a cheese sandwhich, or with a cheese omlette. It's also pretty good as a relish for sausages.
Thank you! This is giving me a renewed sense of optimism about the years ahead.
You have some great ideas. I have no retirement what so ever and I knew better. I had a securities license at one point so I can't say I didn't know how things work. I have been self employed for decades and though I taught I never taught full time since my tutoring business paid so much more. What retirement I did have has been dipped into to cover my being the victim of an internet "scam".
But all this did have one positive result. Although I am almost at the point of financial ruin I discovered the joys of writing on places like HubPages and I have learned to build websites. Now I haven't quite mastered making money on these things, but I know that in time there is potential there and I love doing it. So if I go broke, I'll at least haVE A GOOD TIME DOING IT. That has to be worth something.
You are so right! Money is not everything. And it's not about how much money you make, it's how much you save.
I found your hub useful so I included it in a list of great hubs: http://hubpages.com/hub/10-Great-Hubpages-Articles
Nice. Very informative, and detailed, LOL. Do I need to stock up on underwear and light bulbs? (looks and checks... nope no stains yet) :) Thanks,!
I have no money but I want retire .I retired although I have no money because I want freedom and my life. Money you can get it easy but your life it's more difficult .
Hi Beale--Well, that's my plan! lol!
Thank you all the rest of you--I was away yesterday and I totally lost control of my comments section. I really appreciate all of you stopping by and saying hello. :)
Good job mate
GREAT HUB PAM! I have been thinking about you and decided to visit! lol GREAT TIPS!!! Blessings! Come and visit me!
i like the idea.. what you give, you get back..
I am inspired by what you write pgrundy..thanks.
Great Hub! Very well written. Financial planning has been so over markedted that I think a lot of us have been ripped off by it. I mean really, how many of us have been sold on the fancy comercial's showing a couple retireing on the beach with the million dollar condo or sailboat in the background? Its a grand idea, but was it ever really based in reality? For the most part, what your describing as "Retirement" is the best a lot of us could have ever hoped for anyway. In my opinion its not a bad situation to be in either. To some degree its our fault. We have taken a hands off approach to finance. Just dump the money in a 401K or IRA and forget about it. Then when the market takes a dump your screwed.
Over the last few years it seems to be a moral imparitive to "max out" your investments for retirement. You know, max to what your employer matches...its free money. Where is the "free money" now? Also how many people "maxed out" there retirement investments to the point that they were living on credit? Again, your advise is very practical and "doable". Most of all it doesn't cost a dime!
Good hub, enjoy reading it.
As usual a very informative hub...thanks for the great ideas!
I'm glad someone finally broached a rational approach to this zealous topic...full of finesse and accountability. Loved it.
Life no matter how old you are is about making choices. No one can retire on no money, but I agree you can cut back. Sad to think you go your whole life, then have to cut back. The point? Can't trust 401k as they are tied to stocks. Many companies with pension plans have stolen from those plans and the retirees have lost. The very best advice you give is to get house paid for... then cross fingers and hope government doesn't tax you out of it. Many retired people who lived in communities far from suburbs have lost their homes as taxes rose with encroaching development. NO easy answers.
Good points for retiring with no money
I love the part about the cats! And volunteering of course. I completely agree. I volunteer with the Navy Marine Corps Relief Society as a financial caseworker and am amazed at how some individuals will choose to go bankrupt than forgo a shiny car, a blackberry to access facebook, and a house fifty miles outside of base that they can't afford...let alone gas they can't afford.
Money is money...once you have what you need...you really dont need much of it except for food and utilities.
The earlier we plan our retirement the better. You have already given us the tips. Thanks.
Good Knowledge and learning
www.hubpages.com/hub/paramarora
Hi everyone--Thanks for all your great comments!
MikeNV--I think you are right. I tried to put a positive spin on this for the HubMob challenge, but in reality, it's just crap, the current situation. I have a small pension that I may or may not actually ever get--as you say, the corporations giveth, they taketh away at will. And 401ks are not the answer. Those were just a giveaway to Wall Street. Not everyone is able to work until they drop dead. Sometimes I think the U.S is just very inhumane, just basic human decency has been forgotten. The big thing now is, "You must save for your own retirement. You must pay your own medical bills! You must take personal responsibility!"
But it's hard to do on crap wages with sky high prices on all the necessities and banks that steal as a matter of policy. In 36 hours, with insurance, I got sacked with $15,000 in ER bills of which the insurance paid about $9,000. In 36 hours. That was without any treatment or anything--just emergency care and tests. And I HAD insurance. Who can handle those kinds of expenses on $20K or $30K a year? (Which is better than average where I live--lots of people make less.)
I don't make that much now. I'm working on it, but I live in Michigan. It's not that easy. Where I live, personal bankruptcies have been going up by between 27-36% a year for the past three years. They're expected to go higher. Detroit will probably be bankrupt by the end of this year. In 2010 the whole state could go belly up/
I think if things get worse, and it appears that they will, more people will be moving in together. Households will get bigger. Kids will end up with a houseful of old people, siblings, funny uncles with no health insurance, etc. That or we'll have more beggars. Or both.
I agree with GET A CAT! Cats fix many problems : )
I like last part this hub
These are great tips especially given the economy. Thanks for sharing.
Well pgrundy, I did the saving thing, 401K etc. But in the end I wound up with none of it. But don't cry for me Argentina, I'm living the simple life now and enjoying it more. Oh, it's not all peaches and cream. I however did see some tips in your hub, that I will implement. Thanks for sharing.
Hi,pgrundy, thank you for your hubs. Very entertaining and thoughts-provoking if I may say so. This HIDDEN BEACH is just hilarious. Yes, if you have a house and loads of stuff in it, you can retire and live frugally. But... if you are a stupid immigrant from former communist country with empty pockets,who came here after his system collapsed completely, looking FOR A BETTER LIFE FOR HIMSELF AND HIS CHILDREN and it feels like a complete failure, then what? No money retirement does not look like a good option. And earnestly I am so tired of being poor.
I paid off my home 5 years ago when everyone said that was a stupid thing to do...I should invest my money in the stock market.
I am glad I did the "stupid" thing!
I agree with your hub 100%. Get your expenses down as low as possible and you won't need much money to have a good retirement.
Such a great hub! I'm a bit of a way from retirement, but you've definitely give me some food for thought. I like the volunteering ideas, I've found the voluntary work I've done very fulfilling. Now I have to work on some of your other ideas! Thanks :)
Definitely good ideas. I particularly like the downsizing your life. I think some do that because they are forced to when they have no money when its too later (in retirement) and not before hand to free up money that could be saved or invested.
pgrundy -
Before I joined HubPages I read a few of your articles. They helped me decide to join, and this article is another great one.
I had been employed at the best paying job I had in my entire life; then 9/11/2001 hit, and my job was eliminated. I haven't been able to find full time employment since. In other words, I've been involuntarily "retired" for nearly a decade. So, living frugally is foundational.
But...long before reading this article I did what you advise: I decided to do what I like and want to do. In this aim, at one time I was taking courses for a degree and needed to take higher math (UGH!). But I was also taking writing courses and I enjoyed them to NO end. One day, I picked up the math textbook to start homework, sat down, sighed heavily, put my head back and must have dozed off for a second. In that second I heard a Big Voice say to me, "And for you, the written word!" Reflecting on that experience led me to know that having to do higher math would end but, writing was for me and the experience also encouraged me to continue as a newspaper reporter, which was my employment at that time.
I am now near--very near--"early SS retirement" and if I take it, it will be little but it will be more than I have coming in now. In any case and as stated, I decided to do what I want to do ("the written word") and I am a happy "camper".
I'd like to add one more thing, if I may: The human spirit (the mind of the human soul, or of human awareness) is created (designed or developed) to be inspired and to inspire. Throughout my life and since the age of 7, experiences like the Big Voice have inspired me to become myself and to inspire and to help others. And I feel that facing retirement, whether it looks "good" or "not so good" needs to be entered into with "input" from "sources" like "the Big Voice". Therefore and for the purpose of retirement, I invite all to view my hubs and see what inspiration has done for me and for others in my life.
Again, pgrundy: YOUR inspiration is responsible, in part, for my hub articles and, by the way, I'm "owned" by two cats. Maybe I'll write an article on the wonderful cats that have "owned" me since I was 7.
Thank you everyone for you excellent and thoughtful comments!
Tina Irene--I was really moved by your comment. I'm in a similar place in my life--at 56, having been let go from the financial sector for nearly a year now and still unemployed, I've realized in recent months that I will in all likelihood not be employed again in any significant way. At first this was kind of startling, to realize that, whoa, this is it. Here I am old already with not much to show for it. But the silver lining is that I"m freed up to write, which I always claimed to want to do, but never took enough time to do seriously because I was trying to hard to earn money.
It's not so bad. Life is a lot simpler, and though I have worries like everyone does, I also have a lot of love in my life and time for things that matter to me. Write about those cats! I'll be looking forward to it. Best of luck to you. :)
Hey Pam, nice article. I wondered though, is there any way you can reference where you got these ideas from? I ask only so that people who read this but might not read it again or aren't part of the hubpages community can actually go to the source (i.e. book, CD, etc.) and have unlimited and repeated access to it.
As I read this hub, I thought of a few books that might have influenced it, such as "The Four Laws of Debt Free Prosperity" by Blaine Harris and Charles Coonradt or maybe Robert Kiyosaki's "The Cash Flow Quadrant" and also "The Next Millionaire's" by Paul Zane Pilzer.
But here's the thing. These books, much like this hub, give great information and great ways to save money, but offer no suggestions as to what to do with the actual money saved!
One thing i've learned from talking to a great deal of people is this; Most people's goals and dreams - those things they would do if time and money were NOT an issue - will never be realized working for someone else or trading time for money until your retirement age (whatever that may be, for me it's 70 now - I'm 31, yay)
I LOVE how you began this hub though. Asking people to define what they actually want. Beautiful! Define.Learn.Do.
I'll end with this quote;
"Before you take advice from someone, ask yourself if you want their results. And if you're not happy with your own results in life, perhaps you should stop taking your own advice"
Hi Paradigm Shift--I didn't really lift these ideas from any single book. They're just a mix of practical things I've had to do in my own life and general goal setting ideas. I like "creative visualization' because it's a way to set goals without over thinking, but I agree about advice. Advice is cheap. Including mine! lol!
Great ideas.
Nice Hub, unless I start making money soon with my non-existent talent for internet marketing our retirement is going to turn into squatting!! These difficult times are making it really difficult for us here in South Africa.
great hub. good advice, even for those not of retirement age. we could all make higher than required payments, and reduces what we spend.
hey pam,
first off amen to everything!(espesaly to the brownies) ithink life should be lived up to its fulliest but right now we cant aford that so live life but dont, as u said " travel the globe on your own luxury yacht surrounded by babes half your age"
Nice hub, I enjoy it when i visit
Good information. Help me a lot
Good thoughts on retirement!! In physics, "work" is considered to be the amount of energy it takes to move an object from one place to another, even if the object is
oneself! Getting out of bed is "work." Putting on the A.M.
coffee is "work." It all depends on how we define "work."
Maybe it's just time to quit using the "w" word like it's
something awful and dirty! Just a little food for thought.
It is quite possible to retire at just about any age given no more than the usual basic education
Another great hub article from you. Well done! volunteering yes is highly recommended as you say you stay connected. It gives you time out from the anxiety of looking for work. use different parts of your brain & body & keeps up skills. You can say to a prospective employer when he says what are you doing now. Well ive been volunteering at ABC whhilst i look for a suitable opportunity...
Great Article ,Thank u ...
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Love your humor! Great suggestions and info and judging from the number of comments, many feel the same.
Good job mate
I like your 'Downsize Your Lifestyle' idea the best. It's amazing what we can do without if we have too and it makes you more appreciate the things that you do spend your money on. I try and leave that 'must have' item in the shop for a few days and by the time I go back to town again, it's usually not that enticing anymore! Nice hub!
The idea to look at what you are actually spending on luxuries is a great one even when you're not retiring - I did it a few months ago and my spending has drastically reduced and I don't feel me quality of life has changed.
This is an excellent and well crafted piece of work. I'm new to hubpages and yours was the first I came across. I must admit, I often find trawling through people's thoughts online, tedious. It is necessary though, if one wants to find a good read; and you certainly provided that, so I thank you.
I like the part about travelling around the world with a a bunch of babes like Hugh Hefner.Why not you only live twice.
Great hub
conratulations
Hector
Very good points to think about. Thank you for writing this!
I gave up work a couple of years ago and now as a family we get by on one wage because we've scaled down. I'd love to get rid of the mortgage - that would feel really good.
pgrundy, excellent Hub. I know some over-50 people who planned to work until they dropped dead, until they got laid off from their jobs recently, and discovered getting hired after 50 isn't the easiest thing.
As for the cat thing, after decades of cleaning up cat "sick" I have to see I look forward to a cat-puke-free retirement one day. :)
Thank you for all your excellent comments everyone!
Lisa HW--I am one of those people over 50 who planned to work forever but can't find a job! It's always been harder for people my age to find work, but in this economy it is nearly hopeless. On the 'up' side, it does push me to work harder on my writing and other things. :)
Global crisis can be felt everywhere. That's how I became engrossed with writing hubs. Thank you, pgrundy. Thank you also HUBPAGES STAFF for this great oppurtunity: writing and earning at the same time!
I retired from the post office after 30 years. I was tired of doing nothing so I went back to work driveing for all kinds of bus companies. Public transprotation, Hertz, school buses. Now that that we are in a slump I work to make ends meet. People say there are no jobs out here but there is you just have to settle for a cut in the life style you are used to. I know 80 year olds standing in the middle of the street selling the daily news paper. Seniors working in fast food places.
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Having the opportunity is hope for all people, what if you already have a retirement income is still a chance..
I liked what you said about paying ahead on your house. I've always paid ahead, agaist my financial advisors advise.
Thaks for your comments
@HKrafston - if my financial advisor told me not to pay extra on my house, I'd find another financial advisor. Great article, PGrundy. I was curious about the "No Money" part of your title, but I see what you mean now.
Retirement of no money is very heard online but sometime very easy...http://2earncashmoney.blogspot.com/
After you sell your home you can also move to a less expensive area or even country. For example, many retired Americans have moved to Mexico where the cost of living is a fraction of that in the USA. For free retirement information and resources go to http://www.retirementweb.com
Good advice. I always thought paying off the mortgage as soon as possible made sense even though many experts argued otherwise. I guess it's for because of the risks of what could go wrong and most things have now gone wrong.
When you are facing retirement owning your home means you have something of value instead of a big debt and you have somewhere to live which is one of the fundemental human needs.
Good advice! I think that since so many have experienced losing money,jobs. and other things of value during this money glitch recession that people have become more frugal and money wise towards the future. Your hub provides insight on how to make that happen...
Pam - Great advice! I linked to you as a resource in an eHow article I just posted and plan to mention this hub in a blog post next week.
Great jub, makes total sense one I actually think about it! Thanks
Great hub.. thanx for this..
ahmad youssef says:
3 months ago
Hi, nice hub
i want to ask question maybe you will laugh at me, you know i have joind 3 weeks ago , i want to know how hubpages will send to me the money? thank you.