How to Retire without Money

by TessaSchlesinger

by Tessa Schlesinger. Many Baby boomers don't have enough money to retire. Here are some options to prepare for retirement without money.

Probably the biggest question being typed into the web browser by many baby boomers is, “How to retire without money?” For many, beginning to feel that level of exhaustion that comes with growing older, there is a fear that they would not be able to continue to work. So, what are the options for retiring without money, or with only a little money? As with everything, there needs to be a plan, and while it’s not easy, there is a way out of this conundrum. It takes planning, though. Here are the vital steps that need to be taken so that you can retire without money.

Retiring without Money: Stop Spending!

The two words, "Stop spending" might sound simple but it is surprising how much money is spent on things like coffee with friends, a movie ticket, a new dress for a red hot date, detailing the car, and more. These are all extras, not in the least bit vital to your existence. Spending needs to be cut dead, so that money is spent only on the most basic items. Join the library for books. Have coffee at home with friends. Buy clothes at a thrift store or alter an existing outfit by sewing on bows and buttons. Bring your monthly financial budget down to a point where you can live on very little. It is absolutely vital to do this if you want to retire without money.

Old People's Home
Old People's Home

If you're willing to live in another country, your $1000 will buy you a first grade life!

Cheap Rent and Luxury Lifestyle!
Retire on the cheap – and still get endless sun! Research shows you can live on less than a grand a month in world’s 'best value' countries According to new research retired couples can lives on a budget of less than $1,000 (£612) a month if they are willing to look oversees

Pay Off All Debt

Getting Free of Debt

Have a five year plan. Pay off all debit. Non-profit credit management companies are excellent at assisting you in paying off credit card debt. They're non-profit and I can tell you from experience that they will meet you half way every single time! I have referred a lot of people to them and do so with absolute confidence. If you want to pay off credit cards, contact them and work with them. You have to get rid of all your credit card debt otherwise you cannot retire with no money.

Monthly Income

Obviously if one has no money to retire on, then one must find a way where sufficient money can be generated in other ways to enable one to live. But before we get there, let's look at a few other things.


For most people, it is not going to be possible to sustain their current lifestyle. That is not the end of the world. What you lose in quantity, you can gain in quality. Believe it or not, there's life after no money. Deeper, more caring relationships result when one works together as a community to survive. One also begins to appreciate many things that one didn't appreciate previously.

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Find People in the Same Situation

Many hands make light work. Begin to network and find ways to locate others in the same situation. Broach the topic of working together to generate income and find a way of retiring together. Remember that because there are no magical solutions doesn't mean there are no feasable solutions. People working together can find highly creative solutions. When many people of the same age, interests, and values are living in the same area and helping each other, it’s a happy arrangement. As so many people have the same issues, it’s quite likely that finding a location where costs are much lower isn’t going to isolate you from likeminded people. So, at this point, networking is important.

Investigate Less Expensive Areas to Live

It's important to get your monthly expenses down to a level where it's comparatively easy to generate the monthly income required to meet those expenses. Once you've worked that out, you need to find a place where you will live out your retirement. There are places all over the world where it's relatively cheap to live. In America, the places outside the big city are less expensive than city center. In some South American countries, an income of $500 per month will enable you to live a middle class existence. In some instances, if you have a group together, you can purchase a place together and move there as soon as you are ready. In other instances, more planning may be required.

You can also read the book, "How to Immigrate to Another Country" which will give you many options.

Example of an Alternative Life Style

Intentional Community Living: Cielito Lindo Ranch

In the old days, the hippies invented the commune. These days, the name is 'Intentional community.' Sam Palahnuk, who was once an executive producer in Hollywood, set about to make a positive contribution to the world by setting up a self sufficient and sustainable community. It's an excellent alternative for those who are looking to retire - whether at thirty or sixty. Rent is currently $400 per month if one doesn't contribute work wise on the ranch. If one contributes to the work on the ranch, rent can be as little as $100 per month. As the average monthly Social Security check is $1,230 per month, that one check can cover rent for an entire year!

You can read about the Cielito Lindo Ranch by clicking on the link below. 

Retire to a ranch like Cielito Lindo!
Cielito Lindo Ranch is based on a simple idea: A sustainable life is a healthier, happier way to live. And, a delightful side effect is that it’s kinder to your fellow man and the planet.

The ultimate downsizers: Couple give up their home to live the simple life in tiny $19,000 retirement house on wheels Read more:
Many couples thinking about downsizing when they retire, but one Baltimore couple have taken the tradition to an extreme. Greg Cantori, 52, and his wife have a new home measuring 238 square feet, which comes with two bedrooms, a kitchen and a bathroom. The couple paid $19,000 for the 'tiny house' which is built on a trailer so can be moved around the country.

Setting Plans in Motion to Retire Without Money

Retire without money

Plan to retire within five years and now spend the next five years making sure you are going to be able to retire without money. Here are the steps to retiring without money.

  • Have a low monthly commitment that will enable you to live. Do you know that under the right circumstances, you can live in the United States for $800 per month?
  • Find friends who are in a similar situation. Try to find as many as possible because while it's not possible to retire without money if there is only one of you, working with a group, it's possible to generate the money needed and to put your skills together to find a creative solution.
  • Sell everything that you don't need or want. If you haven't used something for two years, get rid of it. Think about passing on possessions to children and other family members. Save the money from the sale of these goods.
  • If you have a property, plan on selling it in order to have access to capital. This capital will need to be invested in a small business that will generate income. The key to retiring without money is to find a way to generate passive income. You have five years to figure this out. With friends working together, there is an exponential effect.
  • Rent is also a lot less expensive than a mortgage payment and you are not responsible for taxes, repairs, etc.
  • Consider forming a baby boomer commune where all the members contribute in terms of their skills - nurse, farmer, computer techie, cook, etc. Consider growing organic goods and selling them in the neighborhood to raise money for the commune.

Self sufficiency is the goal of this group. Take a leaf out of their book!

Your Income. Developing an Income so that you can Retire on Nothing.

Sustainable income

Normally people start a business to make a profit and get rich. You are going to start a business with the sole purpose of meeting your monthly target. This will mean that you have to build in the fact that business has its ups and downs, and that economic cycles come and go. One of the reasons why it's best to work with others on this is that if you all have different little businesses, the impact of one business losing money is not as devastating.

Until ninety years ago, when Germany introduced social welfare pensions, nobody retired. People worked until they dropped. So while most of us have thought that we wouldn't have to generate an income during our retirement, things have turned out slightly differently. That said, if we are working together, we can provide for ourselves.

This business can take many forms. It can be growing vegetables in your garden, setting up a business on the web and earning adsense or other advertising income, or setting up family members in a business and taking a cut.

Create a Budget

Try to live on half of what you're currently living on. If it’s $800 a month you have to live on, find a way of living on it. The important part is to learn to live on very little. Start now. it is. While it’s not possible to retire on nothing, it is possible to retire on next to nothing. It’s a matter of finding a way of developing an income using existing skills that are no longer high energy, paying off existing debts, realizing any capital, and finding a way of living that . Those are the practical steps that needs to be taken.

How to retire in Costa Rica without money

Consider Relocating to Another Country with a Low Cost of Living.

Relocate to another country

One of the people I met while living in San Diego was an old man who crossed the border every morning from Tijuana where he lived to tell stories to tourists. He catered to the tourist trade and had five or six stories memorized that he told. People would give him $10 or $5 or even a $1 but over a period of a month, it was enough to pay his apartment in Tijuana. I think he told me that a luxury apartment cost him half the price of a less than desirable apartment in San Diego. He continued doing that for years until he came into some money. The point is that he found a way to support himself.

Baby boomers go back to the commune (Page 1 of 3)
Boomers take a second look at communal living. This time around, the idea holds appeal as a cost-efficient, socially engaging way to spend their golden years.

Medical Care might mean Obamacare or Moving to Another Country.

Medical Insurance

The one thorn in the flesh is medical care. Older people do need better medical care. However, with half the USA wanting the state to foot the bill and the other wanting to retain the profit mongering, there is no solution in site. Probably, the best solution would have been to make it illegal for insurance companies to profit from health care, and that would have allowed doctors to be paid well, and cut the cost of a lot of medical supplies. Profit mongering means that the price of many medical services and products are highly inflated. As this is a systemic problem, I have few solutions. However, baby boomers living together can share skills if living in a commune. it's wise to try to convince a nurse or a nurse practitioner to join the commune. Alternatively, come to an agreement with a doctor that for a set monthly stipend, he will be on call.

One other option here. It is a myth that America offers the best medical care in the world. There are countries in the east and in South America that offer superior care. Their doctors have trained in the United States and much of the medical equipment and medication is the same or better. It may well be worth moving to another country just for the medical care!

Baby Boomers Struggle As They Near Retirement - Working In These Times
In These Times features award-winning investigative reporting about corporate malfeasance and government wrongdoing, insightful analysis of national and international affairs, and sharp cultural criticism about events and ideas that matter.

Look for unusual solutions. Work in Groups so that You're not Alone.

Look for Ideas. Share Information With Others. Many have the Same Issues.

Network with baby boomers

It's okay to begin to make plans with others who are in the same boat. Why not get together with others and actively start making plans together. Remember that there are a lot of financial advisers who want to sell you plans for your retirement. Those plans have lost a lot of money over the past few years. It's just not feasible to think that Wall Street is going to provide you money at the exact time you want it. It doesn't work that way. Get together with people who need to solve the same retirement issues and begin to work together to create an enviroment where you can all work together to support each other. Share information. Be on the look out for others who have found ways. This is the only way you can work it out. Communities used to combine their resources to live. To some extent, if you want to retire without money, you have to work with others in the same boat and share resources. That way you can do it. Adapt. Copy others. Become flexible. Then retire without the traditional pension.

Updated: 01/18/2016, TessaSchlesinger
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