I came across this article recently. It’s very good; meeting its goal providing ideas to save one’s retirement, but it’s also sad.
Is your goal to work a lifetime toward retirement and then find the only way to make it work is to become frugal, sell your car, take a reverse mortgage or be forced to downsize or move, even live abroad?
It seems to me your goal should be to live in retirement exactly how you want to. Maybe that means no changes or maybe it does mean moving to Spain, if that’s a choice.
I have long maintained you do not need less money in retirement, you need the same income you had the day before you retired. Your expenses may change, but they will not less and you still have to deal with inflation; with any luck for twenty or more years. Financial emergencies you faced while working…a new fridge for example ($2,000 plus these days) can happen anytime.
The lesson is clear and simple. Live your life of spending, saving and debt, not as if there are two phases to life, but one, from your first job until your last Social Security check.
If you think you haven’t saved enough for a truly secure retirement, think again. The impossible could become possible with these 10 creative ways to retire. You see, saving diligently your entire life and then quitting work to play bridge is only one way to get to retirement. And, the odds are that it is not YOUR way. There are literally of hundreds if not thousands of different levers that can be used to pull off financial independence in your 50s, 60s and beyond.
Source: Didn’t Save Enough for Retirement? Don’t Worry: Here Are 10 Tips for Making it Work | NewRetirement