These zero retirement savings plans may be your ticket to thriving in retirement!

By the time you reach the ripe ole’ age of 60, you’ve undoubtedly heard the persistent call that you should save for retirement as early as you can. And in a perfect world, setting aside 10 or 15% of your monthly income for retirement savings when you’re younger would be great.

But the reality is that it takes a lot of work for many to do that. Trust us when we tell you that if you’ve reached age 65 with little to no retirement savings, you’re not alone.

Some studies claim that as many as 42% of Americans retire with $10,000 or less in their bank accounts. While that percentage sounds pretty grim, there IS some good news.

Even if you have nothing saved up for retirement when you enter your 60s, there are things you can do to change that. Here’s a look at 10 zero retirement savings plans to help you in your golden years.

Zero retirement savings plan: Plan to work longer

If you don’t have any savings by the time you turn 60, you may need to get on board with working a bit longer than expected. Doing so can help you in a few ways. First, spending an extra couple of years in the workforce will make it possible for you to save even more.

For example, saving $1,000 monthly for five years at an average annual 4% return can result in $65,000 in savings. But if you do the same for seven years instead of five, you’ll end up with $95,000. Make it eight, and you’re looking at just over $110,000.

Working longer also serves another essential purpose, which is allowing you to hold off on claiming Social Security. You’re entitled to your total monthly Social Security benefit once you reach the full retirement age, which, depending on your birth year, is 66, 67.

But for every year that you delay benefits past full retirement age, up until age 70, they increase by 8%, and that boost will stay in effect for the rest of your life.

And while you shouldn’t be planning to live on Social Security alone, you should try to increase your monthly benefits if you expect them to be your principal source of income throughout retirement.

Now, you may be willing to extend your time in the workforce but don’t get too comfy because the last thing you want is to be forced out of employment before you’re ready.

Instead, keep your skills current and continue to network so that you can find work again quickly if your job is compromised.

Zero retirement savings plan: Pay off any debt ASAP!

Maybe you and your spouse are off to a good start: you’re debt-free, which means you can save a ton of cashh for retirement, right? Well, not so fast! You still owe on your home, which could prevent you from saving even more.

Now that you’ve both entered retirement, you could consider downsizing to a smaller home for which you can pay cash. You’ll not only be able to save more now, but you’ll also have the added security of living in a paid-for home once you finally decide to call it quits at work.

Zero retirement savings plan: Cut back on excessive spending

Let’s be honest: No one wants to trim down their lifestyle. As a consumer culture, we’re always trained to want bigger, better, and more. But the reality is that most folks can make a few simple lifestyle cuts that won’t hurt ll that much. Here are some straightforward examples:

-Downsizing: If you’ve reached the age of 60, you likely don’t have any kids in your household. So, if you live alone or with your spouse, consider moving to a smaller place.

For instance, if you live in a three-bedroom house or apartment, find a lovely one-bedroom instead. You likely don’t need all that space, and you can save a fortune on your mortgage or rent.

-More affordable travel: You can also likely find significant savings in your travel and entertainment budget, as well. Many people can save big in these areas without suffering at all. For instance, if you take two overseas trips yearly, consider taking two domestic trips instead.

The US is a big, beautiful nation, and you might be surprised at what you discover within a short drive or flight from home rather than spending a lot of money flying all over the world. And if you ARE intent on going overseas, consider consolidating those two trips into one.

-Frugal fun: On the entertainment side of retirement life, eating out is often a considerable part of a household budget. If you’re a good cook, try to make more meals at home. You can come up with some genuinely delicious feasts that are much more inexpensive than going out.

And if you don’t know how to cook, this is the perfect time to sign up for some classes! After all, two birds, one stone, right? You’ll enjoy all the savings you get from eating at home while entertaining yourself by learning a new hobby.

Simple changes like these are just a few examples of easy ways to save you tons of cash that you can put towards your retirement savings. And if you really stop to think about it, they aren’t even that much of a huge sacrifice.

If you need to save even more, you can think about more ways to cut down on your lifestyle. But the easy lifestyle shifts we mentioned can help you get started.

Zero retirement savings plan: Maximize your benefits

Don’t overlook additional government benefits you might qualify for at age 65, including Medicare and Social Security disability insurance. Most people become eligible for Medicare around age 65.

So you’ll want to check to see your status and register as soon as you can to enjoy those benefits. Many younger Americans pay over $10,000 each year for health insurance in the US. And you may also be accustomed to those premiums.

If so, Medicare can be a massive windfall since Medicare Part A is free for most qualifying residents. And besides getting government-based insurance, you’ll free up all that cash flow and you can set it directly toward your retirement savings.

Zero retirement savings plan: Set up an emergency fund

Saving up for retirement is essential, especially if you’re running short on funds and nearing your 60s. But just because you’re 60 doesn’t mean that life’s surprises don’t pop up every once in a while anymore.

The last thing you want as you’re trying to establish your golden years is for unexpected expenses to knock you off your retirement savings program. Even when trying to maximize your retirement, most financial advisers recommend beginning with an emergency fund.

You should strive for three to six months of savings, which you can maintain in a high-yield online savings account. However, saving even $1,000 for a rainy day is usually enough to cover most short-term emergencies, like car repairs, for instance.

The sad truth is that emergencies are a fact of life. So, having liquid reserves to pay for unexpected events can help keep your plan on track.

We hope these zero retirement savings plans can help keep you on track. Be sure to share your thoughts with us in the comments section below.

And if you found this article helpful, we highly recommend you also read: 7 Amazing Healthcare Plan Benefits Most Seniors Don’t Know About