By                    Andrew Lisa

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$200,000 Is Good — Growing It Is Even Better

About 10% of the 65-and-up crowd reported having $100,001 to $200,000. A six-figure nest egg is something to be proud of, but stretching it for decades will require meticulous strategizing.

“People who are retiring with savings of almost $200,000 should audit their annual expenses and the expected annual inflation growth rate,” said Click Intelligence CEO Simon Brisk, who consults with seniors on their retirement plans.

If you can settle into a pared-back lifestyle, you should be able to put most of that money to work earning passive income — at least in the beginning. Bonds, dividend stocks, REITs, annuities and crowdfunding are a few of the most accessible and affordable ways to purchase a new income stream — but you might not have to spend anything at all.

Although you probably can’t afford to buy a rental property, you might be able to generate passive income from an asset you already own. You can rent an unused car on Turo, for example, or lease storage space in an empty basement, attic or garage on Neighbor.com.

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Your Best Investment Might Be Relocation

Another 10% of survey respondents reported having between $50,001 and $100,000. That’s a good chunk of change, but hopefully one you’ll outlive. Where you do the living might be the key to your success.

That kind of money is enough to relocate to a place with low living costs, which could save you more in the long run than you spend on the move.

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“Take note that some of these cities may have a higher crime rate or poverty level, so do your research thoroughly,” said chartered financial consultant Peter Hoopis, CEO of Peter Hoopis Ventures. “You must know not only the cost of living but also the livability score. You’ll want [an] AARP livability score as close as possible to 100 and a cost of living index of less than 100. A higher livability score means more availability and better accessibility to healthcare, education, entertainment, safety and essential services.”

Hoopis recommended looking into low-cost, high-quality destinations such as Lake Charles, Louisiana; Rock Springs, Wyoming, and St. Charles, Missouri.

If You Never Reached $50,000, Downsize Whatever You Own

About 20% of people have just $10,001 to $50,000 saved. That’s enough to keep you afloat for a while, but not for long. Now is the time to think about turning assets into cash.

“If you own a home, selling your home or getting a reverse mortgage can help you generate cash during retirement,” said Danielle Miura, CFP, founder of Spark Financials.

Make sure to wring all you can out of any non-traditional assets you may have as well.

“Anyone over the age of 65 should consider the safe option of selling all or a piece of their life insurance to boost retirement, help pay medical bills or fund long-term care,” said Brandon Selfors of Bridge Insurance Group. “Life insurance often becomes a liability and selling is one option to consider before surrendering or lapsing a policy.”

If You Have Less Than $10,000, Plan for Semi-Retirement

Sadly, the largest plurality of respondents to the poll — nearly one in three — had less than $10,000. In almost all of those cases, leaving the workplace entirely just won’t be feasible.

“For many people, retiring completely is simply not an option,” said Linda Chavez, CEO of Seniors Life Insurance Finder. “Working during retirement may not be what you envisioned, but it can still be a great way to supplement your retirement income and make the most of your golden years.”

She recommends looking for work that offers flexibility so you can make the most of your time off and keep contributing to your savings as you go. Before you do anything, ask your current employer about phased retirement.

Also, delay enrolling in Social Security for as long as you can until the incentive stops at 70.

“Waiting is valuable since your monthly benefit will increase with every year you wait,” said Jeff Wright, co-founder and COO of Sagewell Financial. “We find a good start is to create your SSA account to understand what your different benefit amounts will be and then consult with an expert to talk about how you can enroll in Social Security on your terms.”

Avoid Big Risks in Pursuit of Big Gains

Being long on age and short on savings is a scary feeling; but, whether you have $10,000 or $200,000, slow and steady still wins the race.

“If you are approaching retirement and do not have enough saved, you need to focus on spending,” said Greg Wilson, a chartered financial analyst and founder of Cha Ching Queen. “Personal finance is just a ratio of income over expenses. You want the ratio to be greater than one. If it isn’t, you need to raise the numerator or decrease the denominator. It is going to be hard, but you need to find ways to decrease the denominator.”

Decreasing the denominator — reducing spending — is challenging. You might be tempted to trade the chore of budgetary belt-tightening for the investing equivalent of going all-in on one big hand of blackjack, like crypto or the latest trending biotech stock. Don’t.

“Whatever you do, don’t chase risky investments,” Wilson said. “You don’t want to put yourself further in the hole gambling on something with a high-risk, high-return profile.”

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