*Disclaimer- this post is written for those in their 50’s or 60’s in this present age, I’m not sure what the future will hold 20-40 years from now, so I am writing from the perspective of today.

Hey everyone! I am enjoying this slight change of weather we’ve been having in South Florida, hello Fall.

I recently heard a talk about retirement and how much money the average person will need to retire on based on the year they were born. The numbers seemed about right and I could not disagree with the presenter. But from hearing the talk, I couldn’t help but think to myself, what if a person came into this country later in life and didn’t know about investing or they struggled to make it day by day.

If you didn’t know, I am first generation Haitian American-meaning that my parents were not born in this country. When they came into this country, it took some time for them to assimilate into the culture. They also had to raise a family while making low wages. So this concept called retirement was very new to them. But by God’s grace, they are doing well and got a hold of it just in time. Is that the case for others though?

I’m not saying that opportunities aren’t available to people who come from another country. There are so many success stories of immigrants that came into this country to have freedom and be who they always wanted to be. Some even became very wealthy in the process.

But what about those who were not able to obtain the same success. Should we forget about them? Would that person need to work past 70 or 80 years of age? Not so. As long as they have breath, there is hope.

For those who feel like they have a late start on retirement savings, you don’t, you’re just in time. I encourage you to still invest in a growth account but you may also have to make some moves that may be uncomfortable for you. But when you look at the bigger picture, you’ll see it was worth it.

Here are some ways you can retire with little to no money and no debt of course (this is assuming you will get some type of social security benefit monthly or you are still working in a full-time job).

Downsize or go Tiny

If you have a big house and little to no retirement savings, then it’s time to look at downsizing. You can sell that big house, take the equity from it to buy smaller house cash. A smaller home usually means smaller bills when it comes to utilities like heating and cooling. That leaves extra money in your pocket for things like investing and traveling.

Relocate to another city or country

In some countries, you can live like a queen or king with little money. Or maybe you can move to another state and enjoy the benefits of paying less taxes while still having a big house. I have heard of great stories of men and women retiring overseas and loving the slow-paced life.

Buy a multi-unit property

If you are still working in your later years, consider buying a multiunit property whether it’s a duplex, triplex, or more. Just don’t overextend yourself too much. Make sure if the unit is empty for a while that you can cover the cost. Live on one side for free and let the other units pay the mortgage.

Live with your children

This is where it can get uncomfortable for the average person, but it doesn’t have to be. If you have a great relationship with your child, why not live with them? If you have little money for retirement, you can arrange to live with your adult child and perhaps work out an agreement to watch their children (your grandchildren). Perhaps an arrangement can be made to add an addition to the house or convert the basement into a guest suite so you can be fully independent.

So there you have it. Don’t be discouraged if you don’t have millions in your retirement account. You can still live well with less.

What are your retirement dreams? Let me know by commenting below.

Until next time.