Our generation knows that we won’t have pensions to depend on for our retirement income. And I don’t know about you, but I’m not thrilled with the idea of living on Social Security alone.
At the same time, many of us have watched as our property values and our investment portfolios have taken a hit during the current recession.
So what can we do to insure we’ll have a retirement income that allows us the freedom to follow our dreams? Here are 3 tips that I recommend.
1. Downsize your house. If you’ve raised a family, chances are that you’re paying upkeep on a home that’s too big for you now. Not to mention still paying the mortgage! If you sell your home now and downsize to something smaller, you’ll end up spending less. Rent instead of own, and you can end up slashing your housing bill in half! Money you don’t spend on housing is income you can use for other things.
2. Manage your own income and wealth. The financial services industry caused the recession—do you really trust them to help you build a good retirement income? I’ve found a great system that’s teaching me everything I need to know about creating my retirement income. You can do it, too.
3. Start an Internet business. There are several kinds of online businesses you can choose from. They don’t cost a lot to start, and they can generate income for you even when you’re not working. Best of all, you can earn an income from the comfort of your own home—or poolside, or from the beach . . .
I know that a lot of people today are worried about their prospects for a good retirement. The recent recession has shaken our confidence in a ways few other things have. But don’t worry! Worrying is wasted energy that you can be using to do something about your situation.
Instead, it’s time to start planning aggressively to build a retirement income that won’t just cover the basics but will let you have the second life you want to live.
Tags: Retirement Income