What To Do If You’re Strapped For Cash In Retirement

Income can be tricky in retirement. You’re likely stuck on a fixed income from your retirement account or Social Security, which does not leave very much room for sudden expenses like a broken-down car, large purchases, or even medical expenses. 

If you find yourself strapped for cash at some point in your retirement, consider these helpful tips; they may be enough to get you out of a bind. 

1. Consider Working Part-Time.

There are a few ways you might return to the workforce. A great option for folks in retirement is to work for the gig economy – that’s companies like Lyft, Uber, Wag, or DoorDash allow you to work on your schedule.

2. Get Paid For Your Hobbies.

It’s possible that some of your hobbies – say, woodworking, knitting, antiquing, or jewelry-making – could actually be turned into revenue streams! Think about some of the things that you spend the most time on.

3. Think About Refinancing.

If you are still paying for your home, need a few hundred dollars available each month, you could consider refinancing in the hope of a lower monthly payment. Another option, if you seriously need more available cash, is a reverse mortgage.

If you’re still paying for a three-bedroom house with a pool and a yard that has long since outlived its necessity, you may want to contemplate downsizing. People can easily get used to a certain standard of living, and even when times get tough, they become very reluctant to let go of some of their more fiscally irresponsible habits. 

4. Consider Downsizing.

It can sometimes simply come down to a matter of pride. Retirement is supposed to be a relaxed time of plenty, so admitting that you need assistance can sometimes mean swallowing your pride and admitting to a close friend or family member you need help. 

5. Don’t Be Afraid To Ask For Help.

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