Boomers aren’t saving enough in the short-term to adequately fund the long-term time in retirement.
One of the challenges facing boomers retiring is Most have not saved enough money to live comfortably in retirement.
And because life expectancy continues to increase so too does the risk of outliving one’s savings.
Only 23 percent of boomers ages 56-61 expect to receive income from a private company pension plan, and only 38 percent of older boomers expect a pension. and future income from Social Security stagnates or even decreases
The retirement income for most of us reveals that many people are living on relatively little — and due to the high cost of living their incomes are shrinking over time, too. Fortunately, there is an action that can be taken to elevate this situation. You can start your own business.
Living beyond your income cannot continue for very long without getting into trouble, you will end up borrowing or using credit cards with very high-interest rates.
I know from experience having to cut back drastically on your spending, having to do without things that you have become accustomed to having is hard.
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We all know it’s important to save for retirement. But too much of us have not done so. Some of us have put off saving for retirement, for one reason or another and now we are nearing retirement we discover we do not have money saved for retirement.
Just how much money will we need for retirement? No one knows for sure some financial experts suggest between $500.00.00 to $1,000000.00
It is suggested that you should be saving at least 20% of your salary per month
At one time in our life retirement was a given, and eagerly anticipated final chapter after years of working hard.
While some people might choose to stay in the workforce a while longer , many look forward to leaving the daily grind of going to work.
But in today’s world, enjoying one’s dream of golden years work-free has become an unattainable dream for many
According to a Northwestern Mutual study, nearly 8 in 10 Americans are extremely or somewhat concerned about affording a comfortable retirement
Here are some of the cause that is impacting our ability to retire comfortably in our retirement years.
Life expectancy is longer
People are living longer due to the rapid advancement in modern medicine our lifespan has been extended by some 30 years and according to Danielle Roberts, a Medicare expert and co-founder of Boomer Benefits, this means we boomers have to save for a longer lifespan in retirement,
Danielle Roberts says “Our retirement savings must factor in housing expenses, utilities, lifestyle and healthcare costs, which many Americans just aren’t prepared for financially by the time they reach 65,”
Education Costs More
Another big reason why retirement is harder now than in prior generations is the spiraling cost of higher education
And many boomers have prioritized paying for putting their kids through the college of their choice over their own retirements
And this also includes student loans, with the cost of education getting higher students are likely to apply for a student loan.
And parents are sharing in this cost by taking on this debt either in part or in full and in so saving for retirement is put on the back burner.
With the cost of living getting higher the money what we get from our social security is not sufficient and with the constant rumor that social security will soon end it is best to put too much emphasis on social security when thinking about retirement.
Part Time Income Earner
It is always a good idea to have an extra source of income whenever possible, as this extra income will allow you to pay down your debt and allow some savings.
But it must be remembered that these sources of earning usually do not have any retirement benefits, so we need to look out for ourselves, we have to take all the necessary steps to make sure our retirement is comfortable.
If you are a few years from retirement and you need to add some security to your retirement account I would recommend looking into owning your own business.
Online Marketing is one of the best ways to earn a good income without any of the hassle that goes along with owning a physical business.
Wealthy Affiliate is (in my opinion) one of the best training platform, but this platform is not only for training but it is for every online marketer, whether you are new to affiliate marketing, have some knowledge about affiliate marketing or you are a super affiliate marketer (making over $7000.00 per month.)
At Wealthy Affiliate you will be taught how to transform your passion, hobbies, or ideas into a profitable business,
Here is a video How to make money on line this is lesson 2 of our 10 lessons or phase 1 of the best training course there is and this is available to you when you become a free member.
Being a free member you have access to two websites, 12 themes to choose from for your websites at the end of these 10 lessons you will have a beautiful looking, mobile, and revenue ready website. State of the art, ultra powerful and secure hosting will allow you to grow your business
There is also the premium membership, and I would encourage you to upgrade to the premium membership, the premium membership has so much more to offer, there are more opportunities to have many more streams of income
Yes being a premium does cost but when compared to the great tools and information given to assist you in reaching your goals the cost is well worth it.
I am in no way saying that you will be able to make a lot of money overnight, no affiliate marketing like any business takes time.
You are going to need time to earn the trust of your audience, just like any other business.
And as in any venture you will need to put in hard work, perseverance, learning, studying, sacrifice and most of all be patient, your business will be successful but it takes time.
There is no cost in becoming a member of Wealthy Affiliate, you can become a member build your website, following the video training it only takes 30 seconds, and see if it is something you could do,
If it is you can continue, remember there is no expiration date in being a free member, I have seen members remaining free members for a long time, I do not know just how successful they were staying a free member.
Wealthy Affiliate has been around for almost 15 years, and the members here are from 193 countries, and number about 1.4 million, I invite you to try affiliate marketing, you will never know if you would like it if you do not at least try.
Joining the free membership you will not be asked for any financial information you will only be asked for your name.and email address, so there is no fear that you will be credited for anything.
Please do not let fear of the unknown keep you from experience the feeling of owning your own online business.
I understand the fear, I also had that fear, I was a senior in my 70s had no prior knowledge of online marketing and no computer skills.
But with the training videos which is done in a manner that you do the lessons at your own pace. And the videos are always available for you to revisit at any time.
There is also a community made up of like-minded people who are willing to assist you in any way we can, in this way you will never be alone there is always someone around to assist you.
So why not give it a try, you have nothing to lose, and a lot to gain. And you can become a free member by clicking on any of the links in this post and I will be your personal coach.
Thank you for reading my post, I really appreciate it, and if you have a question or a comment please leave it in the space provided in at the end of this post and I will reply ASAP, please remember to share this post thank you.
NOTE: This post includes affiliate links, which, if clicked on and a product purchased, I get a small commission (with no increase in cost to you).
On nearing retirement we should have enough in savings to live off in retirement.
Unfortunately for many of us this is not so, some of us are burdened down in debt.
Most financial advisers says that in entering retirement we should do so with as little debt as possible.
It must be remembered that in retirement your income will be typically less than what you would earn working in your regular job.
This lack could be offset by having a side income, an extra income earner, It would be good to find a side hustle before you retire.
In retirement your income may decrease somewhat, because you may not have to spend to commute to work, and all the little extras that you need to spend.
But as we get older in most cases our health also deteriorate and our health care cost may increase and quite many us has no other health insurance but Medicare, which does not cover everything that we need eg. eye and dental care.
If you are one of the near or retired person and are overwhelmed by the burden of massive debt.
Steps To Take In A Financial Crisis
There are steps that can be taken to help you to whether this financial storm.
Most people think filing for bankruptcy as a way out, but taking this step can have a negative lasting impact on your credit history and finances
Do not make any decision because you feel pressured, it is never a good idea to borrow, especially from institutions like payday lenders, which are short-term money lenders. Their interest rates are extremely high.
No matter how desperate your position may seem, you will always have a little time on your side to thoroughly review and talk to a financial professional.
Seek Credit Counseling there are may credit counselling companies that will help you out of your financial dilemma.
Along with meeting with a counselor or talking to creditors about payout options, near-retirees can look into starting your own business.
Earn Additional Income
As a retiree in too much in debt myself, I can relate to your position and if you are one of those who are or will be able to retire in comfort you can have a look into this too as you will never know just what unplanned for expense may surprise you.
I am a member of the Wealthy Affiliate platform, this platform teaches you the update techniques of online marketing.
And while online marketing is not a get rich overnight business, in time it can be a very successful income earner, for not only an active income but passive earner as well.
With the free starter membership you have access to 10 lessons which is phase 1 on the Online Entrepreneur Course.
These lessons are very thorough, and they are taught in a step by step manner, you go at your own pace.
At the end of this phase your business will be up and running ready for business.
I have placed a video of one of the lessons from phase one of the Online Entrepreneur course, please have a look.
Wealthy Affiliate is a platform built for every online marketer, and it does not matter whether you are new to online marketing or a very experience online marketer.
And as I said previously the free membership does not have an expiration date.
And as a free member you will not be asked for any financial information, you will be asked only for your name and email address.
But I would like to recommend that you upgrade to the premium membership, With a premium membership there are more information and tools then becomes available to you.
This is a list of the information that is provided in both membership.
And because of all that is provided in the prim um membership the success rate is much higher.
And the price for the premium membership is very reasonable for all the information and tools provided.
For you to be successful in online marketing you need to attract an audience to your website.
At Wealthy Affiliate you are taught how to draw people to your site you are also given the access to unlimited keyword search from one of the best keyword search word tools (Jaaxy keyword search tools.)
From experience, I know the thought of writing a post that can be seen on the world wide web can be intimidating.
But with the training at Wealthy Affiliate you will become an expert in your niche and gain confidence in your writing your post.
There is no excuse I know I had a lot, my age( I am a retiree) no experience, no technical knowledge, the training is so good that in no time you will be able to overcome these inadequacies.
You have nothing to lose for trying to start it is for free and you can remain a free member as long as you like and I would suggest you do all 10 lessons before you decide whether you will remain a member or not.
And should you decide affiliate (online) marketing is not for you, then you can quit, you would have lost nothing.
I am telling everyone whether you are a soon to be retiree, a stay at home mom or dad a person who is disabled or just need to make some extra cash, give Wealthy Affiliate a try,
I am in no way telling you will be an instant success, because like any other business it takes time and as a Pele is reported as saying Success is no accident, it is hard work, perseverance, learning, studying, sacrifice.
Wealthy Affiliate boast a community of very helpful members and are not selfish in sharing their knowledge and are willing to assist you with any problem you may be having.
And because our member ship consist of people that are from all the time zones there is someone always available to assist you.
The tech. Support is available 24/7 and can be reached from your dashboard, and I must say they are very competent and take of your complaint promptly.
Throughout this post there are links that will take you directly to a sign up link for a free membership, and if you do sign up by clicking on any of the links I will be your coach.
So there is no need to think you will be alone, myself and the community will be there for you.
Thank you for reading this post please remember to share, and you can leave your comments and questions in the space provided in the space provided at the end of this post and I will reply ASAP