Planning For Retirement Without Savings

Life can get away from us sometimes and before we know it our 50s are approaching. Financial planning is something that everyone is encouraged to do, but it’s not always possible. It could be that you’ve dipped into your savings more than you’d like or you’ve simply not been able to save as much as planned. 

Disclaimer: This post is a collaboration

You don’t want to enter your retirement worrying about money so now is the time to get on top of things. Here are some ways you can boost your bank balance as you enter your relaxation years. 

State Pension

If you are a man born after 6th April 1951 or a woman born after 6th April 1953 you can apply for your State Pension. The amount you are entitled to depends on your National Insurance record. You must have 10 qualifying years on your record to qualify. 

Some people do not have 10 qualifying years, so this will impact your retirement date as you may need to keep working to be eligible. If this is the case you can defer your payouts in order to accumulate more. 

Your State Pension is not automatically paid out so you will need to apply. Check what information you will need to provide. 

Consider equity release

Equity release is probably something you have heard about. Homeowners can take out two different types of plans to release some cash from their homes. Lifetime mortgages are very common. This is where the loan is secured against your home like a traditional mortgage. The money doesn’t usually need to be repaid until you pass away or move into residential care.

The other type of equity release is a home reversion plan. With this agreement, you sell part of, or all of, your home but stay living in it. When you either pass away or move into residential care, the equity company get a share of the proceeds once your home is sold. 

If equity release is something you are considering, then use an equity release calculator to check and see how much money you could free up.  


Retirement is a good time to reassess your living situation. Having a large home that once housed your children may not be necessary anymore. Downsizing to a smaller, more affordable property will give you any profits from selling your home as well as some savings with your household bills. 

Property isn’t the only area where you could consider downsizing. Cars are a necessity for most people but you could opt for a smaller car. Again, this will save you money potentially with insurance, fuel and overall running costs. However, it is worth considering whether a smaller car will suit your needs as you get older in terms of ease of use and accessibility.