1. Downsizing should be on your list
A happy retirement without savings may be what you are dreaming of, but you should also assess your environment. If your home is huge but all your children have moved out, you may have downsizing on your plate. You may be seeing it as your forever home, but you should be realistic, and having no savings comes before that.
If you are the owner and there is no mortgage on the house anymore, you have actually been saving, but you did not know that it is time to downsize and keep the difference from moving to a smaller home for your retirement fund!
Think about it like this: you do not use the whole space in your home if it is really big; it costs way more to upkeep the home, not to mention the electricity and heating bills, so the best course of action would be to move from a several-bedroom home to a two- or three-bedroom one that would be more modest but cheaper to upkeep overall. It will make it more manageable for you when it comes to the costs, but you will also be able to move into a new space where you may not have to worry about plumbing or electricity issues.
Believe us, this thing makes the difference between a happy retirement without savings and a sad one.
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