Americans who retired in their 40s had median retirement savings of $40,000.
Unfortunately, not everyone is so lucky or intentional when it comes to retirement planning.
Retiring is an enormous achievement, but retiring at a young age is even more impressive. But don’t misunderstand it’s still possible to learn how to retire at 62 with little money.
In this article, we’ll show you how to retire with no money, plus what’s involved throughout the process. We’ll also share tips on how to save for retirement so you can retire in style. Keep reading to learn more!
Starting to Save Early Is Key
Start saving now by contributing as much money as possible to a retirement savings account, such as a 401k or an IRA.
If your employer offers a retirement savings plan, be sure to take advantage of it. In addition to saving for retirement, it is also important to invest in yourself by getting an education and continuously learning new things.
Make Your Money Work for You
If you’re like most Americans, you don’t have enough saved for retirement. In fact, retirement accounts for only about one-third of most people’s net worth.
One way of making your money work for you is to invest. Investing can be a great way to grow your money over time. Start by investing in a few solid stocks or mutual funds. Then, let your money grow over time. With a little bit of luck, you can retire a millionaire.
In addition, don’t forget to plan for retirement. Make sure you have a retirement plan in place so that you know how much money you need to retire. Start by screening your retirement options and figuring out which one is right for you.
With a little bit of planning and getting professionals to help with your senior financial security, you can retire comfortably on a budget.
A financial planner can help you create a retirement plan that fits your budget and lifestyle. They can give you retirement savings tips and help you figure out how much money you need to save, where to invest it, and find ways to reduce your expenses.
Take Advantage of Government Benefits
You can get Social Security benefits as early as 62, but you’ll get a bigger benefit if you wait until your full retirement age, which is between 66 and 67 for people born between 1943 and 1960.
You can also get Medicare at 65. And if you have a pension, you may be able to start collecting benefits at 62.
Use Your Home Equity
Although you may have paid off your mortgage, you may still have equity in your home that can be used to supplement your income in retirement.
There are a couple of ways to tap into your home equity, including taking out a reverse mortgage or selling your home and downsizing.
If you have a paid-off home and are 62 or older, you may be eligible for a reverse mortgage, which allows you to borrow against the equity in your home. Using the equity to purchase a smaller home or condo can also provide you with extra income in retirement.
Follow These Tips on How to Retire at 62 With Little Money
While it’s definitely possible to retire on a smaller budget, there are a few things you’ll need to keep in mind. By following these tips on how to retire at 62 with little money, you can make retiring a reality, even with a little bit of money.
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