How Will You Support Yourself In Retirement?

Are you struggling with your retirement income. 

Hi Folks,

The following article by Jennifer Wirt offers some good advice for those who are retired as well as those who are considering retirement.

Financially, times are tough for retirees. I’m sure this causes those wanting to retire to have second thoughts. And rightfully so.

There sure aren’t many jobs out there for anyone, and the way our nation is going, I’m not sure the job market will ever be good again for retirees wanting supplemental income (ie: a part time job ).

So, what to do? I believe that Jennifer has the best solution. A self directed business that you can operate out of your home.

If you are not retired then you have time to get your business up and running before you quit your regular employment. You still have time to try several things until you find the one that clicks.

If you are already retired, may I suggest that you  get started – TODAY.

Good Luck and God Bless,
Woody

How Will You Support Yourself In Retirement?

Submitted By: Jennifer Wirt

The current financial crisis has brought attention to the uncertainty faced by investors. The state of the economy and the recent rate cuts are making it difficult for retirees to get the return on investments that provide necessary income. And, while we watch the market bob up and down, along with our retirement funds, perhaps we have other choices.

Retirees rely on investments that provide income–bonds and other fixed income investments.  Rate cuts in recent years have caused the income available from those investments to drop significantly.  Some people have seen their income drop by half.  The number of these retired investors who can’t get the necessary income to support themselves is increasing at an alarming rate.

We are told that when we have a long horizon for saving for retirement we should be invested in growth investments–primarily stocks and stock mutual funds. Just this week on Monday the Dow Jones stock exchange rose 900 points and today, which is Wednesday, it dropped 700 points. The ping pong action of the market has to be frustrating for investors. Frustrating and concerning, particularly if you are close to retirement. It might be better to regard stocks and stock mutual funds as one of many sources of income in retirement.

But there is still Social Security, or is there? First, there is no guarantee that Social Security benefits will continue to be distributed as they have to this date. And, if they do my most recent Social Security statement indicated that If I work until age 65 I will earn $24,000 per year from Social Security. If I work until age 70 I earn $30,000 per year. My standard of living doesn’t allow me to live on $24,000 or $30,000 a year nor do I want to! I’m dreaming a bigger dream. I regard Social Security as one of many income sources that will be available to me in retirement.

Merrill Lynch recently surveyed people age 55 to 59 about saving for retirement. Over 70% of them said they hadn’t saved enough for retirement and that they planned to continue working or start a new career. A home-based business can provide a new direction and another stream, or couple of streams of income.

A home-based business, and network marketing, multi-level marketing (MLM) or direct selling businesses can offer both additional income and residual income. Residual income is important because it is income paid on work done previously. It allows time freedom rather than trading dollars for hours which is typical of a corporate job. Work when you want to rather than when someone else wants you to.

You can choose to have multiple streams of income in retirement. Rather than accepting that your investment income is limited and you are a victim of the stock market you can make another choice. You don’t have to settle for Social Security as the primary source for your retirement income.

Dream a bigger dream! Become engaged in this world. The world needs what you have to offer. Many of the home-based, network marketing, MLM, and direct selling businesses are businesses that help people. It is worth your time to take a look. It can mean the difference between struggling through retirement and having a stellar magical and meaningful retirement.

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Tags: Retirement Business, Retirement jobs