Retirement Age Coming Up?
I know my retirement age is coming, that is the age when people traditionally retire. It is still nearly 15 years out, but I can hear it like the pounding of a drum. I also see age discrimination. It is harder and harder to get full time employment because people think you are not as sharp, that your career life is shorter, that you are bound to incur more medical expenses. Truthfully, I am not sure what form age discrimination actually takes, but I can tell it is there.
Perhaps you want to retire but like most Americans, your savings is not enough, and will not be enough at the right time. One solution many take is to increase risk. While the promises of high returns are enticing, the downside could wipe out much of your savings. Similarly, people take on risky behaviors to fill in the gaps. The promise to get rich quick is always there, but almost always designed to take your money rather than provide you more. So what reasonable options do you have to provide enough for you and your family into your golden years?
Retirement Age Reset
One option you can take is to pick a new retirement age. In other words, you can work later in life if that works for you. If you are already secure in your employment and your employer is willing to keep you employed, you just keep working. There is nothing wrong with working into your late 60s or 70s, you just need to make sure that the physical and mental demands of the job work for you.
Get out the scissors and slash your expenses. Take a good hard look at your fixed expenses and make any adjustments you can. Cut back on any variable expenses as much as possible. If you can add more income, do it. Then sock away the extra cash. Even an additional $100 a month can add up over the span of two decades.
I know that this may not be an option for most people. This is not an option for us right now in fact. But this is something that at least should be mentioned.
Create Residual Income
One more option you may have is to create an income stream that continues on even after you stop working. I am not talking about a get rich quick scheme, but a business where a sale today is income into the future. While network marketing, or MLM, is one possibility, there are actually others. Like insurance sales or income properties.
Your retirement age is coming up so the last thing you want to do is act in desperation. Make sure that whatever you do makes good sense and does not take on serious risk. Do not fall for the letter claiming you are a lottery winner. Make good choices, the rest of your life depends on it.