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How Will You Pay For Retirement?

If you have the time and ability to collect enough money before you retire, then the original question may be already be answered. Unfortunately, most people don’t do a great job of saving enough and a lot of them worry about collecting enough money before retirement.

Most retirees use a combination of funds from social security, pensions or savings to supply an income. The real problem is that not all of us takes the time or have the resources to collect enough money for that pension or savings and working at something after retirement will be necessity.

A recent U.S. 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 a lot of fast food restaurants gives some credibility to that. It seems like more and more seniors are joining the work force every day.

Planning for retirement.

Every retirement plan should have two distinct goals. One is accumulation of wealth, the other is distribution of retirement funds. The end goal is to collect enough money that will last as long as you’re retired.

If you’re concerned about a future retirement, then your first step on the path to financial freedom should be an evaluation where you’re at now. How confident you feel in your financial well-being has a significant effect on your planning.

A good place to start that evaluation is with the financial well-being tool at the consumerfinance.gov website. If an evaluation shows that there may not be enough to pay for retirement, then you may have 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 meet all our financial needs. As a practical matter, this must include money to pay for a successful retirement.

If an evaluation shows that you may be in arrears in paying for retirement, then it’s time to start looking for viable options.

How to Supplement Your Retirement Income.

Some things you might look at could include selling your labor at a part-time job or a business that can be worked from home. If starting a business is not an option, then a part-time job that can be worked from home might be the ticket. At any rate, if more income is needed, you’re the only one who can decide how to get it.

The decision to keep working in retirement may be difficult. Going into something new like this can cause stress that has to be overcome and uncertainty that can lead to inaction and discouragement. I know this is a fact, I’ve been there.

When it comes to earning more money for your retirement you will find that there are many, many options available to the savvy retiree. The problem isn’t finding opportunities but gaining the knowledge needed to turn those opportunities into successes. It doesn’t matter what you decide to do, you’ll always ask yourself if you selected the right one.

The internet is awash with good information, potential opportunities, much hype and many scams. Do an internet search for “supplement retirement income” and you’ll get millions of results. There’s so much information that it can be difficult to separate the trash from the good stuff unless some research is conducted and common sense guidelines are followed.

There’s always a lot of help available for a fee, but people on a limited budget or fixed income may be unable or unwilling to pay a fee.

If that’s the case, prepare yourself 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 is willing to offer advice. A good mentor can be invaluable and sometimes all you have to do is ask.


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