Can You Afford to Retire on $1317 per Month?
The Insured Retirement Institute published a study in 2018 stating that 42% of Baby Boomers have nothing saved for retirement. And only 25% of Boomers think they will be able to afford to retire. This means there are some 57 million people who cannot afford to retire.
Are you one of them?
Right now the average Social Security payment is $1317 per month.
I’m guessing that isn’t enough to live the lifestyle you visualize for your retirement.
If you’re counting on the largesse of that guy wearing the “Eat the Rich” t-shirt to vote to increase your Social Security payments, you might be disappointed.
Social Security is underfunded and will be forced to cut back on benefit payments in the not-to-distant future.
If you are in your 40’s or 50’s or more and you don’t have enough stashed away for retirement, you need to take action.
I understand your situation. I’ve been there.
I found myself staring 60 in the face with less than $25,000 in my 401(k) and little else stashed away elsewhere.
I was frustrated because I’d worked for more than 40 years and had little to show for it. I’d always intended to increase my savings rate, but kids, life and market crashes all seemed to have kept my intentions at bay.
I feared the future, not knowing if I’d be able to retire, much less when.
And then I found a solution.
You can still fix your retirement.
To fix your retirement, you need to increase your income so that you can increase your savings.
Unfortunately, by the time we reach 45 or so, most of us have peaked in terms of income from our jobs, so dramatically increasing our savings from that might not be possible.
The solution I and many others have found is to launch a small business on the side from home.
When you build a part-time business from home, you can use that income to increase your retirement savings.
In addition to increasing your savings while you’re working, you can continue your side hustle business after you retire from your job, maintaining an income alongside of your increased retirement nest egg.
The gravy is that if you build the right business, it will continue to increase and throw off income whether you’re personally working, playing golf or hiking the Appalachians.
If you do this right, you can set up a comfortable income stream that will allow you to afford to retire with dignity and freedom in four years or less.
Watch this 2 minute video for a quick overview of a business you can do that will get you started on the path to fixing your retirement.
If you have questions or thoughts about this idea, make a comment below. I’d love to hear them.