Getting Ready for a Frugal Retirement
Are you prepared for retirement? Are your funds such that you will need to be frugal to make the dollars stretch? In order to retire, there are some things you’ll need to do to prepare. Here are some tips on getting ready for a frugal retirement.
1. Get Ready for a Drop
When you retire, you will experience a drop in income if you’re not prepared – and you may experience a drop in income regardless, so it’s a good idea to get ready for this. A good place to start is with a budget. After you know how your income is going to change, prepare yourself by getting a budget together that will allow you to make adjustments in how you spend your money.
2. Professional Help
Don’t hesitate to seek expert help from a financial adviser. He or she can help you take a realistic look at retirement and when it looks best for you to take that step. The adviser can also help you with projected income and a budget.
Another thing that a professional can help with is making sure you are getting all the benefits you’re entitled to. There may be all sorts of help available for you that will make retirement easier, from health care help to social security benefits.
3. Consider Odd Jobs
Now is the time to tap into those hobbies and skills that you weren’t able to indulge in when you had to head off to work every day. To augment your retirement income, you may want to take on some odd jobs. Here are some possibilities:
* Woodworking – building things for others can add to your income. You can go elaborate (such as making nice furniture) or more simple (such as dog houses or chicken coops); there is nearly always a need for wood items.
* Teaching music or art can be done in your home or local house of worship, making it a fairly inexpensive enterprise.
* Repairing cars is something many retirees like to do in their spare time, and there is always a need for competent mechanics.
* Home repairs such as plumbing and electrical work are also hot on the list of things people need to have done, and as a retiree, you will likely offer more flexible hours and cheaper prices than established professional companies.
* Helping others organize events (such as being a party or wedding planner) can be very enjoyable for those who enjoy working out the details.
* Yard work or gardening for others, as long as you are not stretching yourself too much physically, can be a much-appreciated job.
* Sewing and knitting items for sale is for young and old alike.
* Consider holding classes to teach a skill you have, such as sewing, crafts, gardening, and so forth.
If you haven’t already, define your financial goals. What do you want to save? How much do you want to leave to your family? What do you want your estate to be? Taking some time to prepare for retirement can help you make sure your goals fit your retirement reality.