Cheap Retirement

Cheap retirement might seem like an oxymoron, especially if you struggle to make ends meet on your current income, but with the right advisor, you can discover ways to save on any budget for a comfortable and secure financial future. A personal financial advisor can help you examine your monetary situation to determine how you can cut your expenses and put a reasonable amount aside each month for retirement. You don't have to be wealthy to create a retirement strategy, nor do you need to be an expert in finance, or find a senior money management company. Working with a professional financial consultant is one of the best investments you can make to learn cheap retirement strategies that will work for your unique situation.

Basic Retirement Strategies

No matter what your situation is, some cheap retirement strategies are universally beneficial to everyone. These strategies apply to any budget, no matter how cheap you need your investments to be. The best beginning strategy you can adopt when you first start thinking about cheap options to invest is simply paying off debt. Once you have chipped away at high-interest accounts and brought your balances to zero, you can have a predetermined amount deducted from your account and put directly into a savings account, a 401k or an IRA. These basic strategies will help you develop a habit of consistently contributing to your future, even if you have only 10 dollars to put aside. Thanks to the effects of compound interest, even small amounts can add up, particularly if you start young.

Cheap Living in Retirement

If the idea of living happily on a modest income seems more appealing than continuing employment well into your senior years, there are many ways to enjoy a cheap retirement without sacrificing your quality of life. With a little creativity, you can still fulfill lifelong dreams and experience a little adventure along the way. Cheap retirement doesn't have to mean a boring existence in a downsized home preparing your meals with coupons and taking up knitting as a hobby. In fact, you can see the world, travel and experience life in ways you never thought possible on a budget.

Living in a recreation vehicle is one creative way to enjoy a cheap retirement lifestyle without sacrificing adventure. Whether you rent an RV or invest in one, living in a literally mobile home allows you to travel across the country with new adventures every day. Modern technology allows you to stay in touch with friends and family while keeping up to date with bills and other necessities, so you don't have to feel out of touch. Many modern RV's even come with comfortable beds, kitchenettes and showers. If your dream is to see famous landmarks from the Redwoods of California to the Appalachian Trail, this unconventional lifestyle might be a great cheap retirement strategy for you.

Similar spins on the frugal, mobile lifestyle include living on a sailboat and backpacking or camping. Who says only kids in their teens and 20's can take advantage of hostels and group accommodations abroad? If you are healthy, well-insured and open to adventure, backpacking can be a great way to rekindle your inner college student while enjoying a cheap retirement. Of course, the 'round the world adventure is not a permanent solution. When you are ready to settle down to enjoy a domestic life, there are several factors to consider to keep you cost of living at a blissfully cheap level.

When looking for cheap housing without sacrificing comfort, start with what matters most to you. Is it space? Proximity to your favorite theater? Proximity to your neighbors? Recognizing factors that raise the price of your lodging, but that you happily can live without, can make finding inexpensive accommodations feel like less of a sacrifice. For example, if you love living within walking distance of your grocery store and different boutiques, but don't need a lot of space, you might be able to find a smaller apartment in your neighborhood that allows you to save more money without having to give up what you really love about your home.

Examining Your Full Expenses

Sometimes when people plan for retirement without the assistance of a professional financial advisor, they can forget to consider strategic thinking beyond cheap living. Expenses for health care, life insurance, vacations or helping family members in need might not enter your mind when you think about putting money aside for your future. Looking over your expected expenses with an independent financial consultant can help you develop a budget for your basic expenses and life's little surprises alike. Developing a cheap retirement strategy doesn't have to be a burden you bare alone. Most respected financial firms offer retirement experts who can help you reach your long-term goals without feeling like you have sacrificed your quality of life.

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