The Ugly Facts About Retirement
What is your goal amount for a comfortable retirement; Most boomers still have a long way to go to ensure a comfortable, financially secure retirement.
The financial institutions suggest 1,000000 is the minimum requirement for a secure, worry-free retirement.
Many retirement experts recommend saving ten times your pre-retirement salary and planning on living on 80% of your annual income.
But, like me, most boomers are far from that amount of savings; some of us will have to continue working long past our 70s.
. Some steps can be taken to soften the retirement impact.
Employer matches require work.
Workers sometimes consider employer matches free money, but there is a catch. You must meet some requirements before that option can be considered.
You may be required to have a minimum period of employment or contribution to your retirement account before you become eligible for employer contributions.
Some employers require a year of service before providing any matching contributions.
Second, once you’re eligible for the employer match, you may have to contribute a minimum percentage from each paycheck yourself to get it.
Less than 50 percent of surveyed employers provide immediate vesting of employer contributions.
The only money in your retirement account that is fully vested and genuinely belongs to you is your part of contribution.
In most cases, you may have to wait up 5 to six years to keep the combined contribution of you and your employer.
If, for any reason, you leave the job earlier than the stated terms to be fully vested, you may not get some or all of those employer contributions.
What do you need to know?
You must know the employer contributions rules under your employer-sponsored retirement account.
Be sure to ask all the relevant questions, like the waiting period for eligibility, how much you need to contribute to get the full employer match, and the applicable vesting period for employer contributions.
And to further assist you in reaching your retirement goal, you can also start a side hustle to earn extra cash to save more.
The retirement age may be higher than you think.
A survey was done by the Employment Benefit Research Institute (EBRI); it said one in every two American workers expected to retire by age 65. But before that decision is taken, it would be best to determine its pros and cons.
Retiring earlier than your full retirement age decreases your retirement benefit from the SSA.
People born in 1937 or earlier reach the full retirement age at 65, and for those born in 1960 or later full retirement age would be 67.
And if you take your retirement benefits before reaching full retirement age, your benefits could be decreased by 30 %
For those looking forward to having social security as a source of income during our retirement age, it would be best if we are kept informed and keep track of our benefits.
You can visit the SSA website at https://www.ssa.gov/myaccount/
If you have a 401k or any retirement plan, it is best to leave it, do not borrow or withdraw any funds from it.
Remember, the likelihood of you living 25-30 years in retirement is better now than before, and you would be living without a regular paycheck.
It is suggested to retire with little or no debt, and I know that for some of us, this is almost impossible,
There is the mortgage that some of us are still paying, plus other debts, which could be medical children’s college fees. And in some cases taking care of your aged parents.
There are many ways to make some extra money. I suggest other income streams to help satisfy the need for extra income.
Making money online is very popular, and there are many ways you can make money online.
-
dropshipping
-
print on demand
-
Start a YouTube channel.
-
Become an influencer
-
Create an online course.
-
Publish an ebook
-
Do translation work
- Teach online
- Affiliate marketing
- Start a blog and much more.
But affiliate is the most effective way to make money online. The cons of affiliate marketing are that success will take time; It takes work, patience, and much effort, but the reward is great.
Maybe you are like me; I had no idea what online marketing was, no computer skills apart from entering data, and I retired and broke.
START YOUR AFFILIATE MARKETING BUSINESS FOR FREE HERE
What Is Affiliate Marketing
Affiliate marketing is recommending someone’s products and services to target customers.
Recommended Products are effective when sales are generated, and commissions are earned.
Many bloggers and website owners already engage in this type of sales tactic.
It doesn’t matter what level you’re at. Whether you’re a beginner or an expert, affiliate marketing is the most effective way to earn money online.
If you are new to affiliate marketing and may find the name intimidating or you cannot understand the concept, (for step by step guide to building a website, click here for free )
Affiliate ebooks are about making money online using ads, courses, ebooks, sponsored posts, etc., and are an excellent work-at-home business idea; it gives one freedom and flexibility.
Get The Proper Training
If you are considering starting an affiliate marketing business, you should get the proper training. You can find everything online but must know what to search for.
And the information is scattered online; the best thing is to find a platform that offers online marketing training.
It doesn’t matter who you are; we all need training. All the successful affiliate marketers making millions a year still get training.
Every year, something new is revealed; new programs are benignly developed, new technology is released, and an update is required; the learning never stops.
Trends are everywhere, and your business will only succeed if you’re included.
Training is essential in any online business journey.
There is a platform that offers the best training on how to make money online.
Wealthy Affiliate
I found Wealthy Affiliate browsing the internet looking for a legit way to earn money online.
I was initially skeptical, having been scammed a couple of times before, but Wealthy Affiliate offered free membership with no expiration date, so I became a member.
I was so impressed with what I was offered that I became a premium member; no, I have not made a fortune, but I am earning commissions, and I know these commissions will increase in time.
Here is an excellent analysis of affiliate marketing and Wealthy Affiliate by one of our members
https://my.wealthyaffiliate.com/ropesa/blog/what-do-you-need-to-know-about-affiliate-marketing-ask-wa/a_aid/5373fe86
I saw a quote, and I thought it represented affiliate marketing or online marketing well (they are the same); it said Entrepreneurship is living a few years of your life like most people won’t, so you can live the rest of your life like most people can’t.
If you are nearing retirement age, this would be the time to start, so your business will be built and flourishing by retirement.
And remember, at Wealthy Affiliate, you can start for free. With the free membership, you will get phase 1 of the best online marketing tutorial, step 1 consists of 10 lessons, and at the end of these ten lessons, you will have your beautiful website ready for business.
As I said, no expiration date is associated with the free membership. Still, I recommend updating your membership to premium, especially if you need more experience in affiliate marketing.
The tools and information that come with a premium membership are geared towards you reaching your goals,
Here is a list of the package for both.
The premium package also includes live training on Fridays, and these lessons are stored for easy access so you can revisit them any time you wish, and I have left a sample video of one of the lessons.
For all the valuable information and tools provided, the premium membership cost is very reasonable, as you can see, and there are no upsells.
And with the free membership, you will not be required to give any financial information, just your name and email address.
Conclusion
Wealthy Affiliate is the real deal, and this is no scam; many have been successful; here is a blog from one of them https://my.wealthyaffiliate.com/benjisdad/blog/i-am-officially-unemployed/a_aid/5373fe86 one of the
Success will take time because, like any business, you need time to gain your audience’s trust.
This trust comes with consistency, honesty, and patience, but you can rest assured it will reach the most challenging part of online marketing is patience.
Wealthy Affiliate has been around for ALMOST 2 DECADES and has established a reputation as one of the better online marketing training platforms, with an A+—rating by the BBB.
The Wealthy Affiliate platform is for all affiliate marketers, and it does not matter at what level; whether you are a supple affiliate or a newbie, you will find what you want to succeed. And you become a member for free.
You have nothing to lose in joining for free should you decide affiliate marketing is not your thing; you can quit; you won’t be asked to make any commitment, no contract.
You can join this post by clicking on any of the links, and I will be your coach, with no cost attached. I am looking forward to seeing you on the Wealthy Affiliate platform.
I appreciate the time you took to read my post, please remember to share and leave your questions and comments in the place provided in the space provided at the bottom of this post, and I will reply ASAP.
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).
.