Can’t Afford to Retire? What to Do When Retirement Isn’t Possible
Redefining Freedom in Later Life
If you’re over 50 and struggling with rising costs, unexpected redundancy, or the financial fallout from a “grey divorce,” you’re not alone. Millions are facing the same unsettling question:
What can you do if you can’t afford to retire?
For decades, we’ve been told a simple story about how life is supposed to go: work hard for almost all of it, then enjoy a few short years at the end doing not very much.
This linear version of life is so deeply ingrained that when it doesn’t work out, we feel as though we’ve failed. I explored this in my book How Did I Get Here? — the idea that tying our worth to a single definition of “retirement” not only limits us, but also blinds us to the fact that we might still have dreams worth chasing.
For many of us, the so called “golden years” we were promised are starting to look more like an empty promise. The dream of endless cruises, lazy afternoons in the garden, and a stress-free life funded by a generous pension feels out of reach for so many of us.
But maybe that isn’t the end of the story.
Perhaps this shift is pushing us toward something better — a different kind of freedom.
The Harsh Reality Behind the Numbers
Most retirement advice focuses on numbers and spreadsheets, but for many people, the maths simply doesn’t add up anymore.
Prices keep rising, wages remain largely stagnant, and the secure pensions of the past, the ones that promised comfort, have mostly vanished.
The 2008 financial crash wiped out savings that had taken decades to build. More recently, the cost-of-living crisis has forced families to dip into what little they had left just to cover essentials such as heating and the mortgage.
On top of that, the state pension age continues to rise. Once something you could expect in your early 60s, it is now moving toward 70. For many, this means working far longer than they ever imagined, not by choice but by necessity.
So yes, the old idea of retiring at 65 and relaxing is largely gone. But instead of focusing only on what is missing, let’s ask a better question: what can we create with the years we have left?
Rethinking Work
The traditional model of working flat-out for decades and then stopping completely does not fit everyone. And it’s looking like over the next few years the idea of retirement maybe left to the individual rather than the state!
In addition, going from full-time work to nothing overnight can feel like losing a part of yourself.
So maybe we need a more flexible approach, one that can bring both financial stability and personal fulfilment, without the sudden shock of losing the structure that work can bring.
A Gradual Step-Down
Phased retirement is becoming more common. Many employers are willing to reduce hours rather than lose valuable, experienced staff completely. Start by going from five days to four, then from four to three. You keep some income, maintain your professional value, and gain time for yourself.
For example you could gradually go from working five days a week to four, then maybe three so you can continue to earn some extra income whilst having more time to spend with your loved ones.
Turning Experience Into Income
By 50 or 60, you have accumulated decades of knowledge. That knowledge has value. Consulting, mentoring, coaching, or teaching are ways to share your expertise and get paid for it.
Beyond your career, your hobbies and passions can also generate income. Baking, woodworking, writing, photography. Online platforms make it possible to reach people around the world who will pay for what you create.
My personal favourite example is Reinhard Stanjek. After retiring from teaching in 1996, he pursued his passion for health and wellness and went on to create orgone, crystal devices designed to counteract the negative energy of modern life, particularly the electromagnetic smog from mobile phones and microwave towers.
Today Reinhard has over a million followers on Instagram and sells his products around the world.
Too late? Absolutely not. His story shows it is never too late to follow your passion.
Work With Purpose
Not everything we do has to be about money. Sometimes it is about following our passions and, as Seth Godin puts it,
“create a life you never want to escape from.”
I have always admired people like David Attenborough, who at over 90 continues to work with the same curiosity and enthusiasm. Perhaps if our jobs felt more like a passion with real meaning and purpose we would not even think about retiring, just like him.
I have a feeling that if we looked at all the people who continue working well into their seventies, eighties or beyond we would see it is rarely about money. It is about personal fulfilment.
So instead of focusing on the need to earn an income which can make work feel like a burden, maybe the better question is what would I truly love to do? This is exactly the question I ask my readers in my book, How Did I Get Here?
Living Intentionally: Making Less Feel Like More
When income shrinks, every pound counts. But having less does not mean having a smaller life. It can lead to a richer, more intentional way of living.
Downsizing as Freedom
Moving to a smaller home can cut costs on heating, council tax, and maintenance while freeing up energy and time. Downsizing is not about making do with less. It is about creating a space that fits your life now, not the one you needed decades ago.
Choosing Quality Over Quantity
Minimalism does not mean living spartanly. It is about being intentional: choosing quality over quantity, valuing experiences over possessions, and reducing clutter. Even auditing subscriptions and memberships can free up hundreds of pounds a year.
A Budget That Feels Like Freedom
Budgeting is not about punishment. It is about clarity and choice. Track your spending for a month and you might be surprised at where money leaks away. Once you see clearly, you can align spending with what truly matters.
Investing in What Truly Matters: Wellbeing
When money is tight, it is tempting to focus only on finances. But happiness in later life often comes from things money cannot buy: health, relationships, and purpose.
Volunteering: Giving and Receiving
Helping others creates structure, meaning, and social connection. Many volunteers report gaining more than they give — friendships, skills, and the joy of feeling useful.
Lifelong Learning
Your mind needs challenge just as much as your body needs exercise. From local courses to online learning platforms, opportunities to keep learning are endless and can even spark new income ideas.
Connection Is Everything
Loneliness is as harmful as smoking 15 cigarettes a day. That is a stark reminder that community is crucial. Call friends, join a club, or try a new group. Relationships are one of the best investments you can make.
Shifting Your Mindset: From Fear to Possibility
One of the hardest parts of later life is confronting the feeling that it is too late — too late to retire, too late to start something new, too late to follow your dreams. That pressure comes from the linear life story we have been told: work hard, stop, enjoy a few short years.
When that script does not fit reality, it is easy to feel like a failure.
The good news is that mindset is something you can change. Instead of thinking in terms of what you have lost or cannot do, start focusing on what is possible.
Reframe experience as advantage: Your decades of work, life lessons, and skills are your biggest asset. Younger people may have time, but you have wisdom.
Celebrate small wins: Every hour spent learning a new skill, every conversation that grows your network, every small side project is a step forward.
Focus on growth, not fear: Later life is not about decline. It is about adapting, exploring, and creating. Mistakes are part of the process, not proof that it is too late.
Redefine success: Instead of measuring success by pensions, status, or following the old linear path, measure it by purpose, independence, and the life you are building today.
For more inspiration and practical tips, check out our articles on the website about starting over after 50, exploring new careers, and embracing change.
The Internet: A New World of Possibility
The internet has made it possible for anyone to start their own business.
Starting an online business today does not require a fortune or a warehouse. All it takes is curiosity, persistence, and the willingness to learn. The rewards; financial, personal, and creative, can be enormous.
Tim Ferriss’s The Four Hour Work Week popularised designing a lifestyle that prioritises freedom and flexibility over decades of endless work.
Focus on what matters, automate what you can, and structure work around your life instead of the other way around.
For those over 50, this approach can be especially powerful. You bring experience, resilience, and perspective, a combination younger generations do not have. Pair that with digital tools, and the possibilities are immense.
Building Your Own Freedom Lifestyle
Whether it is selling handmade products, running online courses, offering consulting, or starting a small service business, the digital world gives you options to supplement your pension or even replace your job.
AI tools make it even easier. They can help you create content, design products, manage admin, and connect with customers, removing some of the hardest barriers to starting.
That is why we created Freedom in Later Life — to help people like you take advantage of these opportunities instead of being left behind.
A perfect place to start is by downloading our free AI After 50 Guide. It walks you step by step through using AI to create income streams, save time, and open doors you might never have imagined.
And when you join our community, you’ll be among the first to get our tips for generating online income streams and everything you need to age without limits!
Embracing a Different Kind of Freedom
If traditional retirement is not in your future, maybe something better is waiting.
Imagine a life where you keep some income flowing but gain more control over your time.
A life where work feels meaningful, but you still have freedom to enjoy yourself.
This is not about working until you drop. It is about creating a lifestyle that is flexible, sustainable, and fits who you are now.
The future may look different than you imagined, but different does not mean worse. It could be more authentic, fulfilling, and exciting than you ever expected.
Your Call to Action: Join the Movement
If retirement is not an option, it is time to stop waiting for someone else’s solution.
You do not have to do this alone.
We are building a community of people over 50 who are rewriting what later life looks like, choosing purpose, independence, and freedom on their own terms.
And you are invited.
Here’s your next step:
Download the AI After 50 Guide. Discover how to use today’s most powerful tools to create opportunities for yourself.
Join us at Freedom in Later Life. Connect with a community of people refusing to accept that “it’s too late.”
Leave the past behind. Get a copy of How did I get here? - The Book that shows you how to release what’s holding you back.
Take action now.
Don’t wait until circumstances force you. The best time to start building your freedom lifestyle is today.
Later life is not the end of the story. It could be the beginning of your most meaningful and exciting chapter yet.
Ready to start your next chapter?
- Anna Zannides, Founder of Freedom in Later Life & Author of How did I get here?