Budgeting for Retirement: Radical Housing Overhauls When You Have Almost Nothing Saved
When your retirement savings account is running on empty, the prospect of covering housing costs in your golden years can feel like an uphill, unsurmountable battle. Here are inventive ways to navigate this all-too-common challenge. Some of these retirement budgeting ideas aren’t for the faint of heart, but if you’re game, you can not only survive but thrive by opening your mind to possibilities you’ve never considered.
Strategic family alliances. Embrace the wisdom of generations past when it was the norm for aging parents to live with their children. Offer to help with child care, cooking and home keeping. You can impart your lifetime of wisdom, and help keep the home fires burning while easing the financial burden for all.
House hacking. Sell your home and purchase a multifamily property where you can live in one unit, and rent out the others. As time passes, your tenants could even provide support, fostering a mini-community with a sense of security and shared interests.
Extra space monetization. Got an extra room? Rent it out! The sharing economy is ripe with opportunities to make your unused space a source of steady income. And with platforms like Airbnb, it’s easier than ever.
Downsizing to upsize your nest egg. Selling a larger home could substantially boost your retirement funds when budgeting for retirement. Relocate to a smaller, more affordable abode in a part of the country with a lower cost of living. You can even consider moving to a tiny home for its minimalistic appeal and lower ongoing costs. This is not mere downsizing; it’s a lifestyle redesign.
The granny pod. Tiny homes or “granny pods” on your children’s property provide a wonderful balance of proximity to loved ones and the independence you cherish. They’re practical, affordable and can foster family unity without sacrificing personal space.
Veterans housing benefits. Veterans have access to unique benefits that can help secure housing in retirement. From grants and loans to special retirement communities, these programs are a rightful thank you for your service.
Government assistance. For those who need it and qualify, government-assisted housing programs can be a lifeline. Programs can offer seniors safe, affordable housing options. Navigating the bureaucracy can be daunting, but the rewards are real.
Property Management Perks. If you’ve got the skill and the will, consider becoming an onsite property manager. This can help you when budgeting for retirement and may come with reduced rent or even free living space, plus a salary — turning a job into a home.
The nomadic route. An RV or mobile home offers not just a place to live but a way to see the world. Embrace the freedom of life on wheels while avoiding the financial anchors of traditional housing.
Expat life. Opting to retire overseas can be a passport to lower living costs and a way to expand your cultural horizons. But this third-act adventure requires careful navigation, particularly in the realm of health care. Differing standards of care, accessibility and insurance coverage are critical factors to investigate. Before packing up for paradise, be sure to do your homework first.
Craft Your Next Chapter
When you’re down to the wire, throwing in the towel isn’t an option: meet the moment, be bold — and get creative about your life and budgeting for retirment. It’s about viewing challenge as a door to a new adventure, and a chance to rewrite your retirement rule book. In that book you may find new chapters filled with excitement and exploration — and fresh ideas leading to new paths of self-discovery. Because it’s not just about finding a place to live, but finding a new way to live.
Embrace the journey ahead — with courage and a positive mindset, your most thrilling escapades may just be yet to come.
Sources:
https://www.va.gov/housing-assistance/
https://www.va.gov/health-care/about-va-health-benefits/long-term-care/
https://www.hud.gov/
https://www.hud.gov/topics/information_for_senior_citizens
