Financial Well-Being | August 17, 2020

Haven't Saved Enough for Retirement? These 4 Tips Can Help

A senior woman sitting in her living drinking a cup of coffee

Retirement is a big step in anyone’s life, and it’s difficult to know with certainty if you’re 100 percent prepared. As of 2019, studies show that 22 percent of Americans have less than $5,000 saved for retirement and 15 percent have no retirement savings at all.

While money isn’t the only concern when it comes to retiring, it certainly is a big one. So, what do you do if you haven’t saved enough for retirement? One of the first steps you can take is an assessment of your savings. This retirement calculator can give you a bird’s eye view of how much you’d need to save to retire by the age of 67 and shows your retirement savings score. If you’re already out of the workforce, it might be too late to save in the traditional ways, but there are still options for you to make the most of your retirement.

Find a Senior-Friendly Part-Time Job

Working after retirement is becoming more common. In 2019, about 1 in 5 people 65 and older was working or actively looking for a job. No matter your background or skill set, taking on a gig as a rideshare driver, pet sitter, tutor or customer service representative can help you manage your month-to-month expenses. See more of the best part-time jobs for seniors here.

Share Your Space

The Golden Girls had the right idea — find some roommates! Whether you decide to bunk with a friend to split monthly costs or rent out a portion of your home for some extra cash, sharing your space can make expenses a little lighter. Rent out a spare room to a trustworthy tenant or list it on Airbnb to have a steady stream of income while you’re enjoying retirement.

Invest the Savings That You Do Have

Even if you’ve managed to save some money, you may realize that it just isn’t enough. Instead of trying to stretch your savings, try to multiply them by making investments. Retirement investments can supply you with a new stream of income — no new job necessary. Just be aware that some investments are riskier than others. Go to a trusted financial expert or do some personal research before taking the leap. This list of retirement investments is an easy place to start.

Sell, Sell, Sell

Downsizing isn’t only a great way to declutter your space — it can help you make some cash, too. Whether you’re moving to a more affordable home or getting rid of things just because, selling those gems you have hiding in your attic can be a quick way to get money that can pad your retirement fund. You can go the old-fashioned route, like having a garage sale or use the internet to sell things on sites like Craiglist, LetGo or Decluttr.

More from Brookdale

Want more information on preparing for retirement? Read our blog post on How to Save (and Earn!) Money During Retirement and figure out When Is the Best Time to Start Planning for Retirement with this helpful guide.

^{This information is not intended to provide and should not be relied on for tax or financial advice. You should consult your own tax, financial, legal and accounting advisors.}

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