Sooner or later, everyone answers the question “How Will I Pay For Retirement?”. This question may not be asked for many years, or it may have to be asked now, but, sooner or later, each of us will answer it. The answer will have a significant impact on our retired life and how much we enjoy it.
If you have the time and ability to collect enough money before you retire, then the original question may be already be answered. Unfortunately, most people don’t do a great job of saving enough and a lot of them worry about collecting enough money before retirement.
Most retirees use a combination of funds from social security, pensions or savings to supply an income. The real problem is that not all of us takes the time or have the resources to collect enough money for that pension or savings and working at something after retirement will be necessity.
A recent U.S. News article indicated that more than 60% of retirees will continue to work to make ends meet. A visit to any big box store and a lot of fast food restaurants gives some credibility to that. It seems like more and more seniors are joining the work force every day.
Planning for retirement.
Every retirement plan should have two distinct goals. One is accumulation of wealth, the other is distribution of retirement funds. The end goal is to collect enough money to will last as long as you’re retired.
If you’re concerned about a retirement being somewhere in you future, then the first step on the path to financial freedom should be an evaluation where you’re at right now . How confident you feel in your current financial well-being has a significant effect on your planning for the future.
A good place to start an evaluation is with the financial well-being tool at the consumerfinance.gov website. If an evaluation shows that there may not be enough to pay for retirement, then you may have to start looking for ways to generate additional money.
Financial well-being means different things to different people. Each of us decides what it means and decide if we have enough money to meet all our financial needs. As a practical matter, financial well-being must include money to pay for a successful retirement.
If an evaluation shows that you may not have paid enough for retirement, then it’s time to start looking for viable options.
How to Supplement Your Retirement Income.
Some things you might look at could include selling your labor at a part-time job or a business that can be worked from home. If starting a business is not an option, then a part-time job that can be worked from home might be the ticket. At any rate, if more income is needed, you’re the only one who can decide how to get it.
The decision to keep working in retirement may be be a difficult one to make. Facing the need to continue working can cause stress that has to be overcome and uncertainty that can lead to inaction and discouragement. I know this is a fact, I’ve been there.
When it comes to earning more money for your retirement you will find that there are many, many options available to the savvy retiree. The problem isn’t finding opportunities but gaining the knowledge needed to turn those opportunities into successes. It doesn’t matter what you decide to do, you’ll always ask yourself if you selected the right one.
The internet is awash with good information, potential opportunities, much hype and many scams. Do an internet search for “supplement retirement income” and you’ll get millions of results. There’s so much information that it can be difficult to separate the trash from the good stuff unless some research is conducted and common sense guidelines are followed.
There’s always a lot of help available for a fee, but people on a limited budget or fixed income may be unable or unwilling to pay for professional services.
If that’s the case, prepare yourself to do a bunch of research to find other ways to supplement your income. I have a grand-daughter who works two jobs. That’s what she decided to do, but in my opinion, finding a side gig should include the possibility of working for yourself.
Probably, the best way to start a profitable business or side gig (online or offline) is to find someone who is successful and is willing to offer advice. A good mentor can be invaluable and sometimes all you have to do is ask.
Finally
In the end, everyone is going to retire, whether we want to or not. If you talk to people who have already retired about retirement and take from the lessons they learned, then you’ll be on your way to a successful retirement. But, it all depends on you. Get a free copy of “Easy Retirement Planning” and find out how easy a retirement plan can be.