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.
For those of us who have already retired, some might say that the train has left the station. But has it? It is true that many current retirees have seen their retirement income from savings and investments shrink during the past three years as the result of rising medical costs, loss of value in real estate, and the business downturn since the summer of 2008.
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. A great opportunity to improve health and provide a second income can be found at Vitality Now.
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.
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.
Wakaya Perfection enables Independent Business Ambassadors to share the message of greater health and wellness without the stress of sourcing products, managing inventory, and dealing with suppliers. A great opportunity to improve health and provide a second income can be found at the Vitality Now web site. Check it out.