Many people nowadays are not retiring as planned due to personal reasons, health problems, and employer requests. With the lack of money, people are taking serious measures to solve their situations. How should they cope financially?
First off, retired people can downgrade their homes due to their children growing up. With the children leaving and starting their own separate lives, the empty space left in the home is too costly and inefficient. By downsizing their homes, they can reduce the property tax/rent by a lot which helps leave some money for retirement. Secondly, they can live cheaply which requires a lot of self-pressure and the feeling of a restricted life. However, this can potentially influence a healthy life style as well as a simple life. Even though this is not what retirement is perceived as, this can help retired people to continue to live their current life without drastic changes being made. Finally, I think that they should sell off some of their assets. The money gained from this can definitely help fund the retirement expenditures such as lifestyle costs and luxury costs. Money is created to be used and not saved forever. Since they are reaching old age, the retired people should sell their assets to get money to enjoy the rest of their lives.
Source: http://www.cbc.ca/news/business/retirement-not-by-choice-for-41-of-canadians-survey-says-1.2428027