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This article is for retirees who want to increase their retirement income so they can enjoy more of what additional income brings during retirement. I’m not talking about a job I’m talking about a change in lifestyle.Not only “Can you snooze and not lose, you can win big”. This is a message to retirees who are looking for ways to help supplement their retirement income. Just suppose you could find something that could:
- Expand your lifestyle instead of downsizing.
- Give you an additional income of $100, $500,$ 2000 dollars a month or maybe even a day.
- Let you earn while you sleep.
- Be your own boss.
- Not have to go to a job.
- Not have to make sales calls or be a telemarketer
- Not have to work for someone else
- Set your own hours
- Have flexible hours
- Conduct your business from anywhere
- Get paid for referrals
The problem
According to the AARP, 30 % of the people who retire will not have a suitable income to support there retirement years and will continue to work. Most of their income will go toward living expenses and unexpected expenses like increased health care, property taxes, etc. As this occurs do you make a decision to shrink your lifestyle or go back to work to pay for the additional expenses.
It was interesting when I did the some research recently, I found that there were few places on the internet that talked about expanding your retirement lifestyle. Most talked about retirement planning, investing for retirement, retirement communities, insurances for health care, long term care, etc. but nothing about increasing your wealth after you are retire.
In addition, newspapers, magazines, TV; and study after study talk about how retirees are struggling to pay for increased health care, taxes, etc. Bottom line many retirees are finding that they must find a JOB usually at the minimum wage to keep up with the increased costs of health care, taxes, etc. No wonder retirees are becoming depressed. The government, the media, and our own thinking makes us feel “life is difficult and having an enjoyable retirement is over”. Well I here to tell you it is not. But you are going to have change.
Change Our Way Of Thinking
As retirees we have to change our way of thinking. I can hear some of you saying “No way I’m retired”. But hear me out. There are three important changes we must make. They are:
First, we have to change our way of thinking about retirement. The traditional retirement thinker feels retirement means they have to live on a fixed income of Social Security, 401k’s, Ira’s, and Company retirement stipends, while grappling with increased costs in health care, taxes, and increased utilities to name a few.
When we can’t keep up with the increases we downsize our standard of living or use the old “get a job” solution and go to work for Walmart, Kmart, etc. to pay the bills. While all the time worrying about whether we are making to much money and will have our SS reduced or have to pay taxes.
Question —- Why not become a Success Thinker and look for a way to expand your lifestyle instead of thinking of downsizing.
Second, we don’t have to live on our fixed income and make only enough money to still qualify for our full Social Security benefit. The old way of thinking is “We don’t want to lose a dime to the government because we deserve it after all these years of working and paying into the system”.
Question — Why not build an internet business which could expand your lifestyle instead of contracting it.
Third, we don’t want to make so much money that we have to pay taxes and have to pay back some of our retirement income (primarily Social Security).
Question —- If your lifestyle improves who cares.
A Better Solution
Well I’m here to tell you that there is a new lifestyle out there, if you want to think outside the box and take the challenge of the 21st Century. Look, retired people are smart, knowledgeable, and have valuable talents, skills, and knowledge that others would want and pay for, if the knew it was available.
The 21st Century has defined a new opportunity and what the term “work” is, for those retirees who want to improve their lifestyle. Technology has given the people who are retired an alternative to living on a fixed income and watching their income erode based on a higher cost of living. The alternative is running an internet business from home, working for yourself, and even paying taxes when you are successful. If you do it right and are successful at operating your own online internet business your can improve your lifestyle rather think about downsizing.
Let’s spend a few minutes talking about starting and operating your own successful internet business as a retiree.
First, I would rather spend my time developing my own business than spending that same time working for a minimum wage at the local superstore.
Second, I would rather spend my time developing an internet business which produces income 24 hours/day and 7 days/week, rather than operating a store which requires a lease, inventory, employees, etc.
Third, I would rather work hard in my own business, than work for someone else’s profit. In either case you are still going to work hard so why not do it for yourself.
Finally we are talking about building a successful business here so why not, as a retiree, build an internet business that expands your lifestyle instead of trying to maintain your current situation which is unacceptable.
How Do We Get There
Ok, let’s talk about how you get there.
First of all we are all old enough to know that there is no such thing as a “Free lunch”. Like I have said we are talking about a new retirement lifestyle and we a going to have to invest our time and money to learn it.
Second, everyone has seen the horror stories about scams, rip-offs, etc. on the internet. Well, I am here to say “Unless you plan to be one of them I don’t think there is too much to worry about if you run your business ethically and follow good business practices to protect your business and yourself.
You know I was thinking the other day, “scam is in the eyes of the beholder”. Let me give you an example. There are two customers who buy the same product on the internet. The product is an e-book (book that can be downloaded to the customers computer) which explains how to “Grow Tomatoes in NYC”. It cost $3.95 and for an additional $9.95 you can buy all the necessary things, seeds, pots, etc. to start your own tomato garden in NYC.
The first person that buys is an expert in plants (probably wouldn’t happen) but lets say he buys anyway and when he gets the material he is unhappy and he accuses you of a scam.
The second person on the other hand has absolutely no experience growing tomatoes in NYC and follows your instructions and uses your products and raises a bushel of tomatoes on his patio on the 20th floor. He is completely happy with the results and buys again the next year and tells his neighbors.
Question — Should you close your business because in the first case you are being accused of being a scammer or should you refund his money and focus your marketing message on “Newbie’s trying to grow tomatoes on their 20th floor patio? I think the answer is obvious. Market to Newbie’s and forget about getting the experts sales.
The message here is “Selling isn’t hard when you have the right marketing message and you reach the right audience”. Internet marketing opportunities can be worldwide and 24/7. The beauty of this is “Once you have the right marketing message for your products your internet store is open 24hrs per day and 7days per week and you don’t even have to be there because it is on autopilot”.
So what should you do if you need additional income? Up until recently you only had two options:
· Go to work for someone minimum wage
· Downsize your lifestyle
Well now I have introduced a third option. Change your lifestyle and become a successful internet business owner. The key word here is successful because you can make more money than working for someone else and a successful internet business will help expand your lifestyle. Find out more information at Build Your Own Retirement Business
Thank you
Trying to calculate how much money you will need to set back for retirement can be a tricky subject. Even trickier is calculating how much you will need on a monthly basis to maintain the lifestyle you desire when you reach the age of retirement. This article will give you some basic guide lines to use and point you in the right direction.
There are many good retirement planning calculators online that you can use to see where you currently stand in your goals for retirement. These online calculators are very simple to use and should only be consider as a guide only. The hope for most of the companies providing you with these free retirement planning calculators is that you will call on them to help you in creating a solid retirement plan.
If you are over the age of 40 you need to think seriously about retirement. If you are in your forties you may think you have several years before you will need to plan for retirement. However; time flies by faster than you may think. All retirement planning calculators start with your current age, and then ask about your expected age of retirement.
You might want to figure two calculations – one for the age of 55 and one for the age of 62. This will give you an idea if how long you may need to continue working.
The rest of the fields in a retirement planning calculator will cover such things as your current income, desired income, and desired estate value. These are all very basic, but they do not offer the real meat of the subject.
So, what do you need to think about when using a retirement planning calculator? You need to decide what it is you really dream about. You should never settle for just getting by. Why should you plan to survive? You should plan to thrive in your retirement life. Retirement planning calculators are meant to help you determine basic calculations of numbers and percentages. Life is so much more than this.
Retirement planning calculators are important and necessary, but never allow your retirement to be sized into a number.
If you need more helpful information on Retirement try visiting http://retirement-life-today.com, a website that specializes in providing helpful tips, advice, and retirement resources to include Retirement Planning Calculator.
You may be one of the few who retires with enough income to support your life style. If so, that’s great. But, for a lot of us, and it is a lot, our retirement income leaves us with a lot of doubts about being able to live not only comfortably but being able to afford the constantly rising cost of living. So, what can you do?
For some, there is the option of finding part-time employment in your former area of expertise. After all, statistics tell us that the workforce is shrinking with the majority of people in the baby boomer age group. So, there is probably an opportunity to return to part-time employment filling in for some of the gaps not being provided by available full-time employees.
Or, you may be able to turn your previous hobby into a small but steady income especially if you are a crafter of handmade products that could very well sell at local craft markets or weekend markets. Maybe you are one of those people who has been asked previously, when employed and too busy, to make a product of some kind for friends. These could be wood products, glass products, paintings and so on.
On the other hand, there are a large number of people who are computer savvy and want to be able to start an Internet business but don’t know where to start. And, you also probably know that there are a number of ‘get-rich-quick’ schemes available as advertised on the Internet. Some of these sound fantastic but are they really even worth the time to look at let alone invest in? I know, because I’ve been sucked into a few hoping that there was an easy way to help build my retirement income.
But, as I unfortunately found out, if it sounds too good to be true, it usually is. Now, I’m not saying that there isn’t an income to be made, a legitimate income. Since I’ve spent a great deal of time developing my own web site businesses, I know there is opportunity on the Internet but you need to know what to do, and how to avoid the pitfalls. You also need to be aware that an Internet based business isn’t as easy as it sounds as some would have you believe. The point here is that you need to work at developing your Internet business as if you had opened a store front operation. You simply don’t open a store and expect customers to be lined up at the door. So it is with an Internet business; it takes work, dedication, and the willingness to keep learning.
The other important point to note is that you need to know how much money it is going to cost you to develop your business. What kind of website will you launch, what will the subject be, how do you find a niche market so you aren’t faced with the almost impossible task of competing against web sites that are high in the search engines? Not that these insights aren’t available to you; you just need to know how to go about doing it without all the false starts and mistakes that I’ve made in the past.
And, my last word is this. If you are willing to work, if you have the perseverance to stick to it, if you are finished with ‘get-rich-schemes’, there are opportunities to make a very nice monthly income so that your retirement is more fulfilling.
Byron Pulsifer is one of the editors of Make Money From Home Read about our experience and learnings on how we make money from home online. http://www.makemoneyfromhome4u.com
In the NFL, the term “Red Zone” has come to mean that portion of the field between the 20 yard line and the goal line. Offenses and defenses are routinely measured by their effectiveness in this area.
When applied to the retirement conundrum, the term “Red Zone” has come to mean that part of your investment life that begins 5 years prior to actual retirement and last until 5 years after your retirement date. Your performance when you are in this Red Zone will largely dictate the ability of your investment resources to carry you through your retirement in the lifestyle that you desire.
Approaching the Zone
Before you get to the Red Zone, your investments can be somewhat riskier and more highly leveraged because you still have time on your side. If the market slumps or you make an investment miscue, there remains adequate time to recover for the problem in time to be ready for entering the Red Zone! Typically, most of a person’s investment ‘nest egg’ is invested in higher performing stocks and mutual funds during this time.
Entering the Zone
As you enter the Red Zone, the whole paradigm shifts, all at once. You no longer have time on your side and must be much more conservative in your thinking and in your investing. Mistakes made and market slumps from this point forward cannot easily be recovered from and may, in fact, delay the date of your safe retirement. At this point the shift to more debt vehicles (bonds & bond mutual funds) should be occurring so that your risks are minimized.
During this time, you are hopefully fully employed and generating a healthy income while you look forward to your wonderful day of retirement. Many planners recommend starting up some sort of supplemental income stream during this time to ease your transition into retirement. It can be as simple as writing articles or a book on your hobby or craft or perhaps buying & selling on eBay. Opportunities abound if you just look for them.
Your Goal Line
When you finally get to your actual retirement date, ‘pull the plug’ and venture off into retirement, this can be an exciting time. The thrill of having the freedom that you have looked forward to for so long is exhilarating, but the worry of your financial future can be bothersome. You have to change your thinking rather dramatically at this point. Preservation of your retirement nest egg is critical, so you must be careful to not jump into big purchases just because you can.
The final 5 years in the Zone
It is during the last 5 years of the Red Zone that having a ‘side project’ source of extra income can be particularly great. First of all (and most important to many), is the feeling of self worth that you get from having something to work on. After the excitement phase wears off, many just-retired folks get depressed and feel empty as they mourn the loss of the career to which they have been so devoted. Having a source of supplemental retirement income can fill that void, give you something to look forward to and, at the same time, produce some extra cash flow.
Unless you are particularly adventuresome, you likely will not be looking to make a million dollars or ‘Get Rich Quick’. No, just something that produces a thousand or two dollars per month and still permits you’re the retirement freedom that you want – will be a good fit. There are many, many such sources of supplemental retirement income available, particularly on the Internet. If you can build a revenue stream around the knowledge of and passion for something that you have learned in your life, then it will be even easier and more fun!
Think about it. How can you leverage your knowledge in a certain closely defined niche for your retirement income and satisfaction? You will be glad you did!
Resources: Don Seibert is a retired business executive who, as an Expert Author, writes timely articles and books on many issues concerning ways to profit from your accumulated knowledge Having retired three times, he now is the host of http://www.LeverageYourExperience.com Visit the site for a complete discussion of Retirement Income Options.