3 Retirement Income Ideas for People with No Savings - Common Sense Living Newsletter
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3 Retirement Income Ideas for People with No Savings

Apr 12, 2016

3 Retirement Income Ideas for People with No Savings 

You want to retire...eventually, yes?

At some stage, you want to stop working for a living.

Or it's not 'retiring', right?

(I'm not sure I believe in the idea of 'semi-retirement'...)

You want to reach the point where you no longer have to work for a living. Where you can afford to live your life, either by virtue of your savings, or thanks to the income from your investments.

And you want this to happen either before your body gives out or your faculties dry up.

Ultimately, you want at least 10-15 years of free time where you can indulge/enjoy yourself, without the need for crutches, oxygen tanks or pacemakers.

Anything less and, frankly, what's the point?

Anything less and your productive life has, basically, been defined by work...struggle...rushing...juggling...scrimping...sacrificing...putting other people first...and then...paying someone to look after you.

Where's the meaning?

In the struggle?

For some. Not for me.

For me there has to be something after all of this. The final chapter. An endgame. Something restorative. Something that makes all of this worthwhile. A reward.

Let me back up.

I'm not saying there's no merit in the journey. Most of what I do feels worthwhile (except, perhaps, for the disproportionate amount of time I spend on makingstarwars.net).

Life IS the reward, say some self-helpers.

Well...kind of. But I'd like to think the more rewarding parts of life come out of situations you choose. Not those chosen for you.

That's the whole point of retirement, is it not?

You finally arrive at a point where you get to choose what to do with your time. And you can afford to spend your time how you choose because you've saved enough money to pay for 10-15 years (or more).

Wait... What if you've got no savings?

Sell your house?

Most likely. But Jeremy Cooper - Chairman of retirement income at Challenger - says even a nest egg totalling $1m isn't big enough these days.

(One wonders what kind of grand opulence Mr Cooper imagines for himself...)

So maybe your house won't get you the cash you need.

Plus, side concern: where are you going to live?

These are critical years. You know that. And they'll be here before you know it. You know that too. I'm pretty sure you don't want to be dependent on your kids.

So what can you do?


You can do heaps to make sure you have not just a comfortable, but an awesome retirement. You can learn exactly how by clicking here.

It depends - as most things do - on your perspective.

Let me ask you: do you subscribe to the view that you NEED $1m to enjoy life in retirement?

I don't.

I mean, a million big ones would be nice, for sure. But, what - are you going to be buying a new car every year?

A rhetorical question. But a serious one.

These cross-eyed fun-sponges love to tell you that you're not saving enough...

Even if you aren't, do they not know seniors are brilliant at cutting their cloth accordingly?

You're going to be okay

I think - no, I know - you can enjoy retired life on far less than a million bucks.

In fact, we're doing the research right now that proves it.

I'm not talking about retiring overseas, either.

I'm talking about staying right where you are and enjoying a rip-roaring retirement. (Your country has everything you could ever need.)

You just have to embrace it.

In the meantime, here are three things you can do now to get retirement income that doesn't have to stop when your job does.

  1. Develop a financially valuable skill. Who says you can't earn an income in retirement? Just because you quit your job doesn't mean you have to quit making money.

    In fact, you'll probably do well. Why? Because you'll have a bunch more free time to devote to setting up little side projects that can feed cash weekly into your retirement account.

  2. Invest for income - not growth. In a market crash, the majority of stocks will fall. This is a problem if you're banking on stock prices rising to fund your retirement.

    I'm no financial adviser. But I'm fairly well acquainted with the notion of common sense. That's why I feel fairly well qualified to say: there's a time and a place to speculate on rising stock prices, and it ain't in your 50s. We talk more about investing for income in Creating Wealth.

  3. Stay consistent. This is your time. Your reward. No one is going to hand anything to you. You have to get out there and take it.

    Think about what you really want. Plan for how you're going to get it. Start now. Get on it. Don't waver. No one will ever care about your financial future as much as you.

    Remember that, in all likelihood, what you really want won't cost a million rupees - despite what the cosy government and financial services industry tell you.

    Remember - their motivation in all of this is completely different to yours...

Image Source: Pixabay


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2 Responses to "3 Retirement Income Ideas for People with No Savings"


15 Apr, 2016


Like (1)

Rajendra Kumar Surana

13 Apr, 2016

Dear Sirs,                                This article  is not applicable to conditions prevailing in India. Things are very different here.Devlopment of skills- how iit is done?                                The article  is  more applicable to USA- in my opinion.                                 I have been looking for some kind of reasonable  source of income for last 5/6 years on Net- which is full of scams.All the offers coming are simply to dupe you.                                I would have definitely welcomed an article- written-totally in Indian context.                                Thanks!                                Rajendra Kumar Surana,raipur,India PS: An offer came on this site from BarefootClub and they were asking Rs.2450/- as joining fees, I offered  them deduction from my very first earning- result- mysterious silence- most probably because the Offer was not a Genuine one. I am writing this because  this Retirement article has come on the same Commonsense site.

Like (3)

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