How To Fund Your Retirement on Short Notice

One of the best ways to prepare for your retirement is by starting early. The sooner you start preparing, the more you can save up when it comes time to retire. However, many of us do not have that luxury. Maybe money was in short supply when you were young and you just didn’t have the ability to save for retirement.

However, now that it’s getting closer, you want to start exploring some options for funding your retirement. This way, you’ll be able to do all that retirement traveling you’ve been dreaming of. Below, we’ll outline a few strategies you may be able to employ to help you fund your retirement on short notice.

Start Investing What You Can

A good place to start is by investing what you can. If you have some disposable income, you should explore investing it in different ways. Some potential investments include real estate, stocks, bonds, or index funds. While you won’t get the long-term return you would if you had started years ago, you can still get a decent return depending on the investment. If you’re unsure of where to invest your money for short-term gains, it’s a good idea to speak to a financial advisor or fiduciary. Just remember that all investments come with some level of risk so seek to diversify your investments for better protection.


One way that you can fund your retirement is by reducing your expenses, also known as downsizing. If you can cut back on what you’re spending now, along with what you plan to spend in your retirement, you’ll have extra money to live off of. For example, parents that no longer have children living at home could move into a smaller home or apartment building, then use the extra funds from the sale of their house to fund their retirement. Or maybe you could sell one of your cars since you and your spouse are no longer traveling to work each day and can now share a vehicle. Look for opportunities to cut your expenses, then add any savings into your retirement fund.

Explore a Reverse Mortgage

For homeowners, one option you can explore is a reverse mortgage. A reverse mortgage is a loan you take out using the equity in your home. With a reverse mortgage, you get to stay in your home but can use some of its equity to fund your lifestyle now. A reverse mortgage isn’t the right solution for everyone but it’s worth exploring to see if it could work for you. Use a reverse mortgage calculator to determine how much you could get. Then talk to a financial advisor to see if they recommend using this strategy to fund your retirement activities.

Get a Part Time Job

Another popular strategy for those looking for extra income during their retirement is a part-time job. With a part-time job, you can work a reduced number of hours and bring in an income to supplement your other retirement savings. Many retirees choose to get a part-time job because they still want to work just not necessarily full-time.

If you’re not ready to retire yet, start thinking about what sort of part-time job you may want when you retire. That way, if there are any special skills or requirements you need to get that job, you can start working towards them in your free time until you retire. If you’re nearing retirement, look for a part-time job that interests you and that fits your desired schedule.

Research Government and Employment Benefits

Finally, make sure you know about the benefits available to you. Most people living in the United States are eligible for social security once they reach a certain age. This program can make your retirement significantly easier. You’ve likely been paying taxes towards this program since you started working, so be sure you reap the benefits when your time comes.

Also, see if there are any benefits provided by your employer. For example, you may have a pension fund that you can withdraw from once you retire. Other employers have retirement fund matching programs, which can help you increase the amount that you save. Talk with your employer about all of the benefits available to you and make sure you’re taking advantage of all of them.

Start Preparing for Retirement Today

Just because you didn’t prepare for your retirement years ago doesn’t mean it’s too late. There are strategies you can use to prepare for retirement on short notice and make your retirement enjoyable when it arrives. Start exploring your options today then put a plan into action as soon as you can.