If you’re looking for answers on how to retire at 62 with little money, I think the best way to do it is through Just in Time Retirement or value-based retirement. It’s the way that Rebel Retiree and I have managed our retirement for the past 15 years.
Plus, you’ll need to:
- Conquer retirement peer pressure and ignore the influence of friends and family who don’t know what’s best for you.
- Make peace with money and learn to let it flow. We’ve all been conditioned to think certain ways about money and it hasn’t always been good.
- Be independent and chart your own course.
Next up, I’ll offer 5 keys to unlocking the door on how to retire at 62 with little money. Please follow the links I’ve posted as they give important information for success.
1. Be Self-Reliant
A self-reliant individual is an independent thinker. It’s someone who has the confidence to make their own decisions without the influence of peer pressure. It shouldn’t be confused with self-sufficiency where one provides for their necessities without relying on the assistance of others. Being self-reliant is an essential ingredient to a successful retirement at 62 with little money.
2. Get Out of Debt
It’s very important to get out of debt and live on a cash basis. When Rebel Retiree and I retired to the Northwest, we decided we never-ever wanted to carry debt again. Debt made us feel bad. Therefore, in my opinion, if you want to retire with little money, you don’t want to have to worry about mounting debt. Pay it off now.
3. Take Charge of Your Health
Essentially, this bit of advice comes from the belief that health is better than wealth. And if you want to retire at 62 without a lot of money, it’s advantageous to avoid health issues by providing yourself with a healthy lifestyle and having less reliance on pharmaceuticals.
4. Determine What you Value
Confront your ego and create a retirement experience based on what you value as opposed to fear and peer pressure. For example, you want to retire at 62 with little money. However, your mind tells you all of the “buts” of why you can’t. To get rid of the “buts” start determining only what you seriously value. Not what you think is necessary – particularly to impress others.
5. Work Part-Time or Build an Income Stream
You’ll hear people say that you’re not really retired if you work part-time. That’s petty! Yes, retired means cease to work. Although, many people do some kind of work after retirement. Even if it’s managing their portfolios (Rebel Retiree loves to bring up that example). Nevertheless, if you want to know how to retire at 62 with little money, consider supplementing your social security check with a part-time job. Better yet – put on your entrepreneurial hat and build an income stream that will last into your golden years.
Statistically speaking, most people don’t have as much money as they would like to have in order to retire at 62. However, you can still retire at 62 with little money using value-based retirement and the wherewithal to make it happen.
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