Retiring Without Savings

Man, Grandpa, Retirement, Sit, Person
Yikes! Water! Water! It’s my bank account! I’ve completely smoked it! I inadvertently incinerated it through those last 30+ years of career building. If it’s any consolation, you’ve got plenty of company in your current miserable dilemma.
Alana Semuels, in a February 22, 2018 The Atlantic article, This is What Life Without Retirement Savings Looks Like, states that”… the median savings in a 401(k) plan for people between the ages of 55 and 64 is currently only $15,000, according to the National Institute on Retirement Security, a nonprofit. Other workers didn’t have access to a retirement plan through their employer. They’re going from being near poor to poor.”
It’s a sobering reality to understand that, according to a January 13, 2017 report of The Social Security Administration, 21% of married couples and 43 percent of single seniors rely on Social Security for 90 percent or more of their income. According to some 2015 Gallup poll, 36 percent of near-retirees say they expect Social Security to be a significant source of income once they retire.
How and why are too many Boomers finding themselves in this essential crossroads of many decades ahead with little or no financial resources? Did you don’t establish a solid financial retirement plan early on in life? Are you busy setting your career and accomplishing your job objectives? Did raising a family, college expenses, parental illness, a divorce, or some natural disaster sabotage your long-term financial plans?
But here you are. That was then; this is now. Your existing reality presents a sober wakeup call about what to do now. Take heart. Breathe. And let us look at options.
First, turn to a professional to assess your present real assets. There are lots of free services offered to senior citizens designed to help seniors get control of their financial affairs. For example, American Association of Retired Persons, under the heading, Finance, has an entire cadre of resources, both human and online. Such topics as”Get Help Choosing a Financial Advisor,””Free Tax Preparation,” and”Money Management Resources,” – are designed to assist you determine the reality of your current financial status.
Another invaluable resource for Boomers and seniors would be the Federal government. A Google search,”Government Services for Seniors” yields a gold mine of sites where seniors can retrieve concrete information, as well as material goods and services. To a great extent, Boomers are unaware of the existence of those resources or are reluctant to take advantage of them. Ironically, it is we, the people, who have, through taxation, generously contributed to the development and availability of what the government can now provide. Now is the time to dive into this abundant trough of resources that you, in actuality, helped build!
Now that you understand, Dorothy, that”you’re not in Kansas anymore,” you will need to decide which route of the yellow brick road to follow to best meet your current financial needs.
How and where can you conserve by making small changes in your current lifestyle?
How and where can you put your present limited assets to work more efficiently?
How and where can you augment your current income by work, either full or part time, either for yourself or someone else, either doing what you did before, or in some totally new venture.
Through clever saving, corrected lifestyle, and innovative work strategies, you can and will survive, possibly flourish, in retirement, despite limited retirement income and savings.

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