Friday, October 17, 2008

Retiring on the Cheap - Part I

There are lots of articles on retiring with a million dollars or more. There aren't many articles on retiring when one hasn't saved much, other than recommending to start saving furiously. With the recent decline of the stock market, retiring with less may become the norm. How to Retire on $12,000 a year by Scott Burns on offers how one might retire with only social security payments.

The answer - Share fixed living expenses with others. In other words, get roommates, which can significantly reduce housing and utility costs. In addition, there may also be economies of scale in sharing transportation and food costs.

While a possibility, I don't think I could have roommates as in my younger days. However, this arrangement may work for some retirees

For more on Reaping the Rewards, check back every Friday for a new segment.

This is not financial or retirement advice. Please consult a professional advisor.

Copyright © 2008 Achievement Catalyst, LLC

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