Your Retirement Does Not Have To Be Dismal If You Have No Retirement Savings

Everywhere you look, you see news headlines about how generative artificial intelligence has become so advanced that, within our lifetimes, it will replace virtually every occupation in which humans currently engage. Whether this means financial hardship for almost everyone or basic income for almost everyone depends on what the AI plutocrats decide. Therefore, it only adds insult to injury when the AI plutocrats, or the chatbots under their command, compose think pieces about how, instead of pursuing education, we should invest our efforts in forming human relationships. Yes, relationships with family and friends are a worthwhile investment, but financially disadvantaged relatives or friends pooling their resources only produces a limited amount of prosperity. Of course, you don’t need to wade through a miasma of AI slop to know that you have no money, and family and friends are your only hope. People with no retirement savings are numerous enough, and they will only become more numerous in the coming years. If you cannot realistically hope to save any money for retirement, and you need help strategizing about making the most of the resources you have, contact an Orlando estate planning lawyer.

Embrace the Granny Pod

The Social Security retirement payment system originated at a time when people relied on their families for financial support more than they do today. Social Security payments were meant to supplement the family’s income, so that they would not see their elderly dependents as a burden. For people who had no family, the payments were meant to reduce their poverty, but not to make them wealthy.

The multigenerational household was and is the go-to solution for people who do not have enough money to cover the bills on their own. If you were part of a multigenerational household while working, then remaining there after you retire is the obvious solution. If you don’t live with your children but you never stopped contributing to their financial support, leaving you without retirement savings, then it makes sense for them to return the favor. If they have a house and a yard, the least you can ask for is a granny pod or a finished basement.

Be a Millennial Golden Girl or a Millennial Gold-Plated Girl

An increasing number of single seniors who do not have children look to their friends as a financial unit in retirement. Journalists have started calling the phenomenon “Millennial Golden Girls,” after the TV show about four elderly women who lived together and had been friends for decades. If you own a house with or without a mortgage, your friends can move in with you, perhaps paying rent with some of their Social Security income. If not, you can move in with a friend who owns a house.

Contact Gierach and Gierach About Planning for an Unglamorous but Acceptable Retirement

An estate planning lawyer can help you plan for a retirement where family or friends are your main source of financial stability.  Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.

Source:

moneywise.com/retirement/retirement/65-no-retirement-savings-hybrid