Retirement Wealth? As some of us rapidly approach what used to be defined as retirement age, a big concern is whether there will be enough retirement savings in place to be able to live a comfortable life on.
On top of that worry, the method our parents used of working for the same company for 50 years and retiring with a hefty financial package and a gold watch has just about disappeared.
Many people find themselves approaching retirement age with insufficient retirement money to support them. What is needed is a solid plan to attack this problem while boomers still have a good 10 to 15 years of working potential in them.
Simplify Your Life.
When the kids leave and get out on their own, you may find your life could be simplified.
You might not need as big a house and many of the extras that were important when you were raising a family in that house.
Do a thorough review of everything. You will find you can cut costs significantly and even begin to cash in on some of the extras you have had all these years and put all of those savings into the bank as a hedge for the day when you are ready to retire.
The empty nest syndrome isn’t all bad. There are some real benefits to returning to a lifestyle of just you and your spouse discovering life together.
You have conquered many challenges raising a family in this tough world and you deserve to be proud of your life and what you have acoomplished. But now you and your spouse can take on a big challenge that is just for you, which is to get out there and generate income for your retirement.
Instead of beginning to live off of retirement funds, (if you have any) get another career going that can generate another ten to fifteen years of income and create your retirement wealth.
With good budget management, it’s very likely you will be able to bank at least one entire income if not more and put all of that money back into retirement.
Get some financial advice so that you can find ways to shelter that extra income so it stays out of the tax system until you are ready to use it.
The good news is that this push for income generation late in life can lead to a healthy retirement budget that can benefit you as you finally sit back to enjoy your leisure years in the rocking chair taking care of the grandkids.
There are second careers you can find that will become a good source of supplemental income even after you retire.
Start now looking for a potential retirement career you can do even after you retire to generate additional income for you.
Using the internet is a good way to set up a home based business that you can continue to work at as long as you can type, see reasonably well and your thinking capacity is sound.
Setting up a home business is something I have done in my retirement alongside many others. It has great potential to earn a residual income that can also be passed on to your children later on too.
If you are serious about a second income the check out this article from Forbes magazine, which gives some really sound advice. CHECK THE ARTICLE OUT HERE
Whatever you decide to do I hope todays blog post Creating Retirement Wealth was of benefit and you got got some value from it. Feel free to leave me a comment or ask any question.
Helping You To Retire Wealthy, Travel the World, Stay Young, with
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Email me Lynda@lyndakennyonline.com
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