11 Ways to Budget for Retirement

Ramblin' Rose - Nat King Cole

The Wanderer - Dion

I’ve always wanted to travel.  My ideal career would be sitting on a beach anywhere in the world and making a living by writing articles which I get paid for.  I know it’s possible and I keep working toward the day I will be doing it!

My first major trip was back in the 60s when I went as far as Montreal by bus to take in Expo 67.  I also hoped to go down and visit a relative in Chicago but that didn’t transpire.  The race riots were happening.

The next major trip was 30 years later when I once again traveled across Canada, but this time I saw the Maritimes and Newfoundland.  Visiting old Quebec City gave me the first real sense of what Canadian history was all about.  Then the trip continued all the way down the east coast of the USA.  The “outer banks” were very interesting and visiting Kittihawk where the Wrights Brother made their inaugural flight was amazing. The greatest moment for me though was going to Cape Kennedy and experiencing a shuttle launch with 5,000 other people.  There are no words to describe it!

I’ve also driven to Alaska and to the Guatemalan Border in Mexico by way of the Gulf Coast.  The only north south coast I haven’t driven yet is the Baja and Mexico’s Pacific Coast.  Maybe I will still take the opportunity one day.  

I've taken many trips by air and ship over the years too.  There's so many places to see in the world and so little time! 

Here are some ways to have extra money to travel.

1.      Share Your Accommodation
Many baby boomers are rattling around in a huge house after the kids leave. Consider taking in a couple of international adult students either for a few weeks or a few months at a time. You make excellent contacts for your travels as well as extra income.  The money is tax-free.

2.      Downsize
Sell the big house and move into an apartment where it is easy to walk everywhere.  You not only save on home costs but also go a little greener if you don’t have to drive.

3.      Start a Home-Based Business
If you are a Baby Boomer who is still working, this is a good time to start a home-based business. It will allow you to write off some of your expenses and possibly keep generating a healthy amount of income after you retire. 

4.      Swap Your Home For One Where You Want To Holiday
Doing a holiday house swap in a country you want to visit is an ideal way to keep costs down.  You will experience living in the local community and often you can negotiate the use of a vehicle too.

5.      House Sit In A Different Country
People are getting a little more concerned about leaving their home when they are away. Instead of hiring a security service they are advertising for a house sitter.  This may cover a short or long period of time.  There are a number of on-line sites to check out.

6.      Teach English In A Different Country
Rent or sublet your place and go teach English overseas.  It’s a good idea to take a TESL/TESOL course first to have an understanding of what to do.  Many positions come with accommodation in the country you want to visit if you sign up for a year.

7.      Work on A Cruise Ship
Even if you have retired, why not take the opportunity to go work in a fun environment? There are many different positions on cruise ships.  If you enjoy the hospitality industry, something might be a good fit for you.

8.      Become A Volunteer
Look into programs like CESO or CIDA in Canada and offer your expertise once you have retired. It’s a great way to experience different countries. There are so many opportunities out there for baby boomers over 60.  A lot of the positions covers accommodation and food and pays a stipend for spending money.  We are a generation that grew up frugal and learned to live with less. It is easy to return to that way of thinking and living. We can realize the dreams on our bucket list if it’s really important to us.

9.      Reverse Mortgage
Talk to your bank about the possibility of taking a reverse mortgage on the equity in your house. That frees up income that you wouldn’t normally have.

10.  Property Tax Deferral
Depending on the location of your home, your property taxes may have gone up significantly over the years.  You can ask to have your taxes deferred.  When you die, your estate will pay the back taxes.  In the meantime, it gives you some more disposable income.

11.  Write Travel Articles and Sell Them
This is my favorite of course.  If you enjoy writing, start a travel blog or get in touch with different travel magazines and start free-lancing your articles.


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