How to Retire Broke and Survive

The Cost of Retirement

Older adults may not have to pay for transportation to work, business or work attire and lunches since they left their jobs. However, these expenses seem replaced by others such as medical costs due to increased doctors' visits, medical equipment, prescriptions, and specialized housing.

Furthermore, if your retirement income is not as much as you were making at your job, you may find yourself not being able to live within the means you did while working. You may have to sell your home, give up going on trips you found enjoyable or cut back on social activities. Unfortunately, all of these things are important to your happiness and survival during retirement.

Keep What You Love: How to Retire Broke and Survive

You don't have to cut out the enjoyable things in your life. All you need to do is find ways you can save money and receive financial assistance. You may not be able to save a lot of money during this time, but making a few small changes will help you put away money for an emergency.

• Cut back on groceries

If you are accustomed to eating steak and seafood several times a week, cut back to only a couple of days each week. Choose foods that are less expensive such as pasta and chicken. You can find many recipes for both of these food items so you still have a variety of flavors to enjoy.

• Ask for senior discounts

You may not want to start letting the world know you qualify for senior discounts, but it's worth it to save money.

• Look out for sales

You may not have thought about how much things cost before but now is the time to start sale shopping. After awhile, it may become fun for you because it's like a treasure hunt for good deals.

• Choose inexpensive activities

Instead of going to an expensive show, look for community theatre or college productions. You could also start going to the movies, renting movies for home viewing or find senior centers that have many free or low-cost activities available.

• Take cost effective trips

Instead of booking a luxury hotel when you take a trip, choose a place to stay that is less expensive but still nice. You can also use a different form of transportation that may be cheaper than flying.

• Ask for generic prescription drugs

Whenever your doctor writes you a prescription, ask for the generic of the medication.

Financial Assistance

If you know where to look, you can find financial assistance for food, housing, and utility bills. Contact your local social services or Social Security Administration office to ask about any programs you may be eligible for due to your low income.

• Food stamps

If you are eligible, you will receive an allotment for food each month. You use a card similar to a credit card to debit the monthly amount awarded each time you shop for groceries.

• Meals on Wheels

Many senior centers and agencies provide meal delivery to your home if you are unable to cook or shop for groceries. Contact seniors centers or your local social services office to find out more about this service in your community.

• Section 8

Section 8 is housing assistance for low income individuals and their families. If you receive Section 8, you will receive a list of apartments, condominiums and other living options paid for by the government.

• Utility bills assistance

Some agencies offer assistance for utility bills during the winter months when electricity and gas bills are high. Not all states offer this, so you need to check with your local social services office.

• Medicare and Extra Help

Contact the Social Security Administration to apply for Medicare. It will help pay for your doctors' and hospital visits. Medicare Part D helps you pay for prescription medications. The government set up this program to help low income seniors and provided them with a list of health insurance companies to use. Medication co-pay fees still may apply, the creation of the Extra Help program helps with the expenses not covered by the insurance companies.

Cutting Corners and Receiving Assistance

Knowing how to retire broke and survive can help you make the best of your retirement. You may not want to cut corners or receive assistance, but it may be your only choice. You don't want to deprive yourself of too much because you still need to enjoy life, especially after working for so many years. Start by making small adjustments to your spending and asking for assistance, and soon you will feel more comfortable and appreciate the life ahead of you.