If you have the time and ability to collect enough money before withdrawing, the original question may already be answered. Unfortunately, most people don’t save enough, and many worry about raising enough money before retirement.
Most retirees use a combination of social security, pension or savings funds to generate income. The real problem is that not all of us take the time or have the resources to raise enough money for that pension or savings and working on something after retirement will be a necessity.
A recent US 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 many fast food restaurants lends some credence to that. It seems like more and more seniors are joining the workforce every day.
Retirement planning.
Any retirement plan should have two distinct goals. One is the accumulation of wealth, the other is the distribution of retirement funds. The ultimate goal is to collect enough money to last as long as you’re retired.
If you are worried about a future retirement, then your first step on the path to financial freedom should be an assessment of where you are now. The confidence you feel in your financial well-being has a significant effect on your planning.
A good place to start that assessment is with the financial wellness tool on the consumerfinance.gov website. If an assessment shows that there may not be enough to pay for retirement, you may need to start looking for ways to generate additional money.
Financial well-being is a situation that is unique to each individual. Each of us has to decide what it means and decide if we have enough money to cover all our financial needs. In practice, this should include money to pay for a successful retirement.
If an assessment shows that you may be behind on your retirement payment, then it’s time to start looking at viable options.
How to supplement your retirement income.
Some things you might consider might include selling your labor at a part-time job or a home-based business. If starting a business isn’t an option, then a part-time job that you can work from home might just be the ticket. In any case, if more income is needed, you are the only one who can decide how to get it.
The decision to continue working in retirement can be a difficult one. Going into something new like this can cause stress to be overcome and uncertainty that can lead to inaction and discouragement. I know this for a fact, I’ve been there.
When it comes to earning more money for your retirement, you’ll find that there are many, many options available to the savvy retiree. The problem is not finding opportunities but obtaining the necessary knowledge to turn those opportunities into successes. No matter what you decide to do, you will always wonder if you selected the right one.
The Internet is full of good information, potential opportunities, lots of advertising, and plenty of scams. Do an internet search for “supplemental retirement income” and you’ll get millions of results. There is so much information out there that it can be difficult to separate the junk from the good stuff unless you do your research and follow common sense guidelines.
There is always plenty of help available for a fee, but people on a limited budget or fixed income may not be able or willing to pay a fee.
If that’s the case, be prepared for a lot of research. Probably the best way to start a profitable business (online or offline) is to find someone who is successful and willing to offer advice. A good mentor can be invaluable, and sometimes all you have to do is ask.
