EARN MORE INCOME!
I started this blog because I want to share some ideas with our visitors. Like many of you, I also think about my future retirement. I plan to retire in 10 years. At some point in life, I may need to generate additional income when I will not work. I read many books about finance, some of them suggest brilliant ideas on how to earn money. I usually take notes and do a quick search for how it works. I want to share these ideas in the hope that someone may benefit from them. It takes decades to save money for retirement, and you probably don’t have that kind of time. That’s why income is an absolute key for a successful retirement. Unfortunately, most income secrets are kept under wraps and closely guarded.
What to do immediately if you are nearing retirement and saved less than $100,000? According to AARP report, 41% of Americans have little or no retirement savings. That’s a crisis, but you don’t need to worry about it because stress doesn’t help no matter where you are. The key to retirement is planning a budget that can allow you to live a great life while never worrying about money.
So how do you do it? Set aside some time to figure out what all of your expenses will look like. Food, mortgage, gas, utilities, TV, medical expenses and so on. Write it down in a spreadsheet.
Be sure to include luxuries too: vacations, boat, travel… whatever you want in your perfect retirement. You may achieve a target only when you know it and working on it. Total all of that up – that’s how much money you need coming in every month to live your ideal retirement.
Now figure out income you will have coming in: salary income, pension, Social Security benefits, annuity, dividend income, whatever. Total that all up and subtract your expenses from your income. The difference is what you will need to retire worry-free.
That’s your magic number, so keep it in mind and think about a solution. Probability hight, that you find the answer in the ideas of this blog.
Congratulations! By doing the budgeting you are ahead of at least 50% of Americans in regard to retirement planning.