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Retirement Income Shortage

Many people often face a retirement income shortage within even a few years of their retirement based on a number of factors: a lack of planning, the inability to adequately fund a retirement account, or many unexpected expenses that arise.

Even in cases where an individual has thought that they have adequately prepared, inflation and other issues may make month-to-month living more common. In the CHARLOTTE OBSERVER dated March 9, 2008, for instance, Medicare out-of pocket expenses “average $3,800 for singles or $7,600 for couples.” These figures were obtained from the Center for Retirement Research at Boston University. In addition to health care expenditures for retirees on a fixed income, food prices are rising, oil prices are rising, and expenditures for home repair and replacement are becoming unaffordable for many retirees. Some retirees have been forced to sell their homes because they cannot afford the increasing taxes on their property. Other sources of increased costs or decreased retirement income include inflation, maintenance for automobiles, utilities, and decreasing interest rates. Unexpected expenditures can create a fear factor in most retirees that is legitimate and pervasive. The saying that an elderly individual must choose between buying medications and eating has unfortunately become a reality for some Americans.

The overall result of this inflationary increase, the cost of goods and services, increased taxes, and market factors, creates a rapidly diminished reserve and a retirement income shortage for many retirees.

Are there ways to approach this potential retirement income shortage? Yes, there are. Additional income may be earned through the outside marketplace or through in-home businesses such as network marketing or a combination of both activities. The marketplace may include delaying retirement in a profession that is satisfying and productive (as many as 50% of all workers 50 and older have stated that they plan on working after age 65-CHARLOTTE OBSERVER, Mar 9, 2008), or part time work as a consultant in a previously satisfying profession. It could include getting additional education and starting a new profession or a new business. In-home businesses include the continued development of skills related to avocations such as woodworking, photography, free lance writing, collectibles, etc.

As previously mentioned, an ideal way to correct retirement income shortages in a home-based business is through network marketing. Advantages include working within your own timetable, the lack of hassle factors in working outside the home, and most of all having a source of almost unlimited income through the use of networks of impassioned experienced individuals. Network marketing allows you to make an appreciable open-ended income. Network marketing, as one tool to correct retirement income shortages, requires collaborating with professionals and being focused on the learning curve required. Also persistence and not quitting too soon are attributes of successful network marketers.

In realizing your retirement dream, one must prepare and implement a plan and be tenacious in seeing it through whether it is through income earned through the general workforce or through network marketing. If you are persistent you may well see all your retirement income shortages vanish.

A site I like: AARP.org for in depth information facing the challenges of retirement.

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.