7 Tips for Retiring on the Cheap

There is little you can do if you've reached retirement age and you still don't have the retirement income you'd planned. Well there are a few things you can do, such as you can keep working. But that's no one's idea of a good time; moreover if your health has deteriorated or you're not physically able to do the same job you once were, you could be out of luck. There are also plateaus which some reach in terms of length at their jobs where the employer will cut you off. In either event, when work's no longer an option, consider these tactics for making your retirement work on little to no money.

Take Stock: One of the first things you should do when you are trying this kamikaze retirement thing is to take stock of all your assets. In an ideal world you'd get to keep your house and your porcelain doll collection; but anything that can be turned to cash should be. Do you have stocks, bonds, mutual funds, or a 401K? This first composite step of finding and liquidating all your stuff can lead you to a far greater windfall than you'd ever thought.

Home Stories: Do you own your home? If you don't and you're living in a Manhattan rental it may be time to move to a cheaper location. If you do own your home, what is the equity in your home now? You can usually have it appraised for free or fairly inexpensively by a homebuyer or mortgage company. If you own your home you can do what's known as a reverse mortgage where you are paid out an amount and then when you die your home goes to the bank. While it may not be the best end for your surviving family, making sure you're taken care of rather than that falling on their shoulders is a good idea.

Spouse Situation: How does your spouse feel about this poor retirement? If you're alone that's one thing; but if you've got a life partner, what's their opinion. You should both be on the same page with this; especially if you're both 53 or 55 and have many years left to live. However if you're both adventurous and in love with each other and life; you could make poor retirement work as a couple.

Neighborhood Help: If you have kids or grandkids and they live nearby, you should try to get them to do things for you. You know, simple things; pick up food, mow your lawn, take you to the doctors. If you don't have kids you should see if there's seniors support from the Boy Scouts or something nearby.

Community/Government Resources: You should tap out all existing government and community resources. If you don't know where to look for these government or community handouts, head on over to your City Hall and ask!

Junk Your Car: Here's an idea; ditch that vehicle! If you can't afford to keep the lights on, then you probably shouldn't be hitting the open road. The money saved in insurance, gas, and maintenance will be an awakening.

Hit the road: If you're attached to the car and not the house, you could ditch the house and keep the car! Get a Winnebago or even just travel around the southern states in your auto. You will find a real subculture of like-minded individuals and it sure beats the boredom of sameness. But traveling brings up a whole host of other issues so you should tread lightly.

Remember this list is with the understanding that you've taken everything into account; your health, your next of kin, your spouse, your shared desire to do this, your other obligations, and your inability or lack of desire to continue work. Once you've taken the plunge though, these tips can help you get to where you need to be with your cheap retirement.