Make Yours an Unconventional Retirement

Several alternative ways to live during retirement when you haven’t saved much may turn out to be more fun or in vogue than you think.

One of the most effective ways to cut your living expenses is to share housing. Moving in with a relative or friends now, before you retire, can allow you to start putting 50% or more of your income into savings. Continuing that pattern in retirement or starting it then allows you to keep living expenses low.

“The Golden Girls” TV show that aired from 1985 to 1992 depicted sharing living quarters as fun for those in their 60s, 70s, and 80s.

And working in retirement is becoming the new normal. In 2009, according to an AARP study, 17.2% of Americans age 65 and older were still working. A May 2011 Transamerica Center for Retirement Studies survey found that 50% of workers plan to remained employed after they retire, mostly in part-time jobs.

Working longer puts you in some very distinguished company. A recent Ledbury Research survey of 2,000 “high net worth” individuals found that 60% are not planning on traditional retirement. Barclay’s Wealth Management has dubbed them the “Nevertirees.” Included are the likes of Warren Buffett and Paul McCartney.

Making green choices to protect the planet and cut costs, exercising and eating right to protect your health and also cut expenses are increasingly common. Good habits can help you slash expenses now and in retirement.

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