We are all looking for a comfortable retirement, but as we approach our retirement many of us are concerned that we will not have enough money to fund a comfortable retirement or we will not have enough money to fund our retirement for as long as we live. There have been plenty of rumbles from Governments that the Social system will not be able to bear up under the huge demand the boomer generation will put on it. So, few baby boomers are looking to depend on that money being there, even though we are all paying into it every month.
Our parents had an interesting working life, they could work for the same company for life and retire with a nice pension, we don't have those opportunities anymore. Long ago corporate America
Simplify Your Life.
When the kids finish college and get out on their own, you may find your life could be simplified considerably. You might not need as big a house and many of the extras that were important when you raise a family in that house. Do a thorough review of your assets and your expenses. 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.
Pack the Bank Account Now.
The empty nest syndrome isn’t all bad. Returning to a lifestyle of just you and your spouse discovering life together can be exciting. You have conquered many challenges raising a family in this tough world and you deserve to be proud of your life of accomplishment. 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 retirement.
Mom can go back to work and both members of the union can take on as much work as can be found. Often in the mid to late fifties, the primary breadwinner may be able to retire from that job they have held down for several decades. But instead of beginning to live off of retirement funds, get another career going that can generate another ten to fifteen years of income. 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.
Paying taxes are a fact of life, but you should be able to shelter extra income until you are ready to use it and then you will pay tax on the money. Revenue generation at any time, but if done as you collect your retirement income can lead to a healthy retirement lifestyle that can only benefit you.
Identify a Money Generator that Can Stay with You
There are second careers that you can find that will become a good source of supplemental revenue even after you retire. There are many potential “careers” which you can do after you retire to generate additional income. Writing or doing work online is a good way to set up a home-based business that you can continue to work for as long as you can type, see reasonably well and your thinking capacity is sound.
Other examples of retirement careers are part-time jobs as apartment managers or caregivers, sales jobs in using the expertise from your primary career or jobs that are somewhat non-taxing such as greeting customers at a Wal-Mart or working in a bookstore. These jobs have the benefit of adding to your revenue while keeping you active as you enjoy life in retirement. And that is what all of us want.
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