Are you one of the 76 million baby boomers getting ready to retire? Maybe you are not quite ready for retirement but planning for your future.
Fewer than half of Americans have calculated how much they need to save for retirement, according to the United States Department of Labor.
Without enough savings for retirement, how can you possibly live the good life in your golden years?
You are not alone.
Many people realize that they don’t have enough savings for retirement which means they need to either continue continue working at a 9 to 5 or do something else to earn a living.
Today, let’s take a look at “do something else.”
Trading Time for Money or Working for Profits?
The majority of people work their entire lives trading time for money which earns them a wage.
Other people work for profits, which can earn them a fortune.
Have you heard of Jim Rohn? He’s a well-known entrepreneur that said it best, “profits are better than wages…wages will make you a living, but profits will make you a fortune.”
Working for wages has resulted in two-thirds of households age 55-64 having savings equal to less than their annual income. A third have no savings at all, according to The National Institute on Retirement Security (NIRS).
That is a sad state of affairs but your life doesn’t have to be that way.
What can you do?
Want More Money? Use these Retirement Savings Strategies
Does the thought of a fixed income make you cringe?
Me too. That’s why I found some better retirement savings strategies so I enjoy my retirement when it’s time to do that.
Start a Business while Still Fully Employed
Have you ever considered the idea of being an entrepreneur?
Starting a business now can help you build up a nice retirement savings account for later. The idea is that if you are still fully employed, you can start a business part-time.
If you work at it a little bit each day, eventually your part-time business can grow into a full time income.
Stay with me here. What if you saved all the income from your business?
You’d end up with a savings for retirement that would not be possible if only worked for wages.
For example, I started my part time business while I was still working full time. That was the best decision I ever made.
I continued to live off my wages and save my “part –time” business income.
You can do that too. And have fun.
This idea is not so far-fetched at all.
According to statistics from the Kauffman Foundation, the highest rate of entrepreneurship in America has shifted to the 55–64 age group, with people over 55 almost twice as likely to found successful companies as those between 20 and 34.
Contact me now to learn more about a fun business where you can earn an additional source of income.
Start a Business Even if you’re Already Retired
Are you stressed out watching your retirement savings get depleted?
There are millions of people in the same position.
I get it. You can’t travel or take up those hobbies you always wanted to do. Hobbies cost money.
But a business, well, it can pay you in the long-term.
What about unexpected expenses? Instead of freaking out about the possibility of that, get excited about the possibility of creating another income stream in your life.
What if you didn’t have to worry about those unexpected expenses?
For example, I recently met an 80-year old woman who is a real go-getter. She just started her own business and is marketing it online.
She saw the value that being an entrepreneur can bring to her life and ran with it.
What if you could get started in a part time business that could eventually earn you full time profits?
In today’s world, retirement income plans require you to either save more of your income or find a way to create a supplemental income.
With your own business, you can not only create additional income, but be part of something positive and help others do the same.
I’ve given you two ideas to help solve your savings for retirement dilemma.
Are you ready to consider your next step? Contact me and let’s chat about a business that can make a positive impact on your life, at any age.