Your Average-Retirement-Income, is it keeping up?

I have read that the National average-retirement-income is $29,000 in 2010. However, the important number is our average-retirement-income (yours and mine). For most of us, our retirement income is fixed and most likely consists of social security supplemented by an annuity or some other similar income source. For too many, social security is all the income that they have.

If you are not yet retired and are five or more years before retirement, you may have time to enhance your retirement income. Sound advice would be for you is to start now.

Start Now to Enhance Your Average-Retirement-Income

For those of us who have already retired, some might say that the train has left the station. But has it? There still may be time to generate additional revenue and continue a savings plan. Check this site for money saving ideas and continue reading this page.

Additionally, the government’s propensity for spending, borrowing and printing money will further erode the value of our retirement assets. I believe that Social Security will remain a foundation for the retirement income of current retirees and for people within five to ten years of retirement. However, that program will likely have a less significant role in future retirement planning than it does today.

For some it may not be necessary to increase retirement income now but preparation for erosion of the value of our retirement income is prudent. A retirement job or your own retirement-business, whether part time or full time, is a good way to increase your average-retirement-income. 

Continuing to work in a meaningful retirement job is also good for our mental health and wellbeing. It helps us to stay motivated and stimulated after retirement. We retire from our full-time job or career not from life. We all need to continue to feel needed and have a reason to get up in the morning.

Your average-retirement-income can be improved by continuing a habit of saving.

Another way to increase your retirement income is to continue your habit of saving a portion of your income each month. These savings could be used to accumulate a contingency fund or invest in a retirement-annuity. Admittedly saving money is difficult when you are on a fixed income. Having a retirement job or business would make it easier.

If you are tired of working for someone else and are self-motivated, this could very well be a great time to start your own business. Retirement is for many people the best time to build a business and owning your own business just might be the best thing that ever happened to you.

What do you want to do? Do you have a long cherished dream about what you want to do? What are you good at? And how much time do you want to invest?

Consider starting an online e-business with your own web page. The cost is less than a dollar a day! You can make it a part time or full time job. A home based business has several advantages including the big two. The first is freedom to work when you want and the second is your home office expenses are tax deductible. Of course be prudent and discuss the tax issues with your tax accountant.

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