I was reading an interesting article regarding a woman who had been self employed most of her life.

Now at age 70 she was living off of $900 per month income.  

She was supplementing her income by a few hundred dollars making dresses. 

She was getting in debt with her credit card for regular life expenses.   http://finance.yahoo.com/retirement/article/112417/homeowner-no-savings-some-options.

It got me to thinking about saving money for retirement.

Many self employedand entrepreneurs try to zero out their tax liability to avoid paying taxes and end up suffering during their retirement years.  For my generation I wouldn't put much stock into having social security as a means of retirement.

Susanna Wilson who is featured in this article is given a option of doing a reverse mortgage to bring additional income. I would exhaust all my options before I made a final decision to do the reverse mortgage. If you don't have any relatives that you can leave the property it may work for you.

Another option would be to put the home on the market for sale or lease.  The proceeds from the sale could be a means to live. 

Or the rental income could supplement her income.  She could get a realtor to manange the property for her and not have to worry about the up keep of the property or collecting the rent.

Owning a property free and clear has its advantages.

Mrs. Wilson could move into a seniors apartment where the rent would be based on her income from social security.

Fear should not be your motivation to make a decision.

It is very important at whatever age you are right now to pay into a retirement for yourself.

Especially if you are self employed or an entrepreneur you have to make the sacrifice now or you may end up with no retirement income coming in once you are ready or forced to retire.

Will you retire with no saving

To get a copy of my new book click www.sexliesandcredit.com.

Miss Rene'