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Retirement Income Formula
A realistic retirement income formula has changed over the years with inflationary costs for necessities rising as well as unexpected unbudgeted expenses. How can one save when these issues arise and there is simply not enough money to apply to an abundant savings program? This is especially true if you have a fixed income, and little chance for a significant change in that income. At least 50% of middle-aged and older Americans do not feel they will have saved enough for retirement, even with expected Social Security benefits that may change at any time. The most obvious answer to this question is to increase income. One of the ways to increase income is to work more or work at more than one outside job. While this may be a short-term solution, it is not practical or realistic long-term for many who have other family needs to meet. A useful web site for exploring the job market is RetirementJobs.com. This website is recognized as the leading specialty electronic job posting board for seniors aged 50 and older. A retirement income formula needs to include a source of residual income, and the most cost-effective method to accomplish this is through a home-based business that will be covered below.The baby boomers are not only a large number of soon-to be-retirees, but also their needs and expectations are rising as they near retirement. With inflation constantly rising, and a lack of sufficient retirement funds, there is a need for a realistic retirement income formula that will take all of these factors into consideration. Useful web sources for retirement income formula calculators are: LinkJab.com (AARP) where one can find further links to the CNN Money Retirement Planner, The Fox Chase Bank-Retirement Calculator, and Bloomberg.com. The common factors included in almost all the calculators are the following: 1) your present age 2) your desired or expected retirement age 3) your expected longevity-the most difficult variable 4) your current savings or investments 5) your expected social security income 6) the inflation rate 7) expected return on investments 8) your desired retirement income. These retirement income formulas will tell you how much you need to save each year to meet your retirement goals. Most Americans are not even close in saving enough money for retirement.
A useful metaphor for baby boomers or anyone contemplating retirement is to consider their retirement needs as a bucket of water. Most boomers have found their buckets continuously leaking for too long. A wonderful way to fill the leaking funds in the retirement bucket is to add residual income to the retirement income formula. A residual income will help plug the leak with the eventual effect of an overflowing bucket. Through network marketing as an example of developing residual income, the earnings keep on flowing once the basic financial structure is in place. Putting the basic financial structure in place requires a learning curve with associations with responsible, experienced network marketers who have established themselves in this booming industry. Network marketing offers a low start up cost and a timetable to meet your needs at home. With advice from experienced network marketers, you will embark on a new and exciting adventure as well as increasing your spending power. What a marvelous way to meet the needs of your leaking retirement bucket and change the direction of your retirement income formula!
| Ruth Ann Hall is a mother, grandmother, and nearing retirement age. She was raised on a farm in west central Illinois, but calls Chicago home. Her personal website: RookieMarketing.com is about her association with Ann Sieg Consulting and using the “consultative approach to marketing.” More information? Yes! Click Here. Her latest project, this website, is intended to provide information for those looking to make a good decision on working from home. |
