Gold 401K

Gold Roth Ira Worksheet
Gold Roth Ira Worksheet

The short answer to how much do I need to retire on, is about two thirds of your present income. If you have your home paid for, drop that figure to about half your present income. This usually means Social Security just is not going to be enough to have any gold in your golden years.  Before you fool yourself into thinking you will spend less money when you are retired, just remember you have all that time and with time on our hands, some of us may spend money.  Like doing a little traveling, visiting our kids, having lunch with our friends, maybe even a beer now and then.  I know after I retired I went out and bought a new one ton truck to pull my new horse trailer with living quarters, most of us want to do a few things for ourselves and our families and live a few of our dreams.  What this all boils down to is we still need some extra money in their retirement years, so if we don’t have a big pile of money saved up what do we do?

How about reducing the amount of dollars you take out of the money pile that you don’t have?  How about down scaling this can be done a number ways, you could sell your home take the proceeds and build up that pile money and simply rent a place to live, or you could sell your home and move to a new area where housing is cheaper and buy a smaller and more inexpensive home.  You have probably seen ads on TV for a reverse mortgage I do not recommend them, but if you are considering a reverse mortgage talk to a top-notch financial adviser before you do anything rash. Before I would consider doing those little tips that people give you like turning down the thermostat, not eating out, growing your own food, fishing for her protein, read on a little further I have some better ideas.

You might consider getting a part-time job to supplement the Social Security retirement check.  I would stay away from handing out shopping carts at Wal-Mart and asking you want fries with that at McDonalds, those concrete floors are really hard on your feet.  What you might consider is approaching your former employer about some consultant to work, I used to work for a company for about $15 an hour, they laid me off, then they gave me consultant to work at $50 an hour. Some professions are easier to find part-time work in than others, retired teachers can often work as substitute teachers or tutors. Retired union workers can often find fill-in jobs when the Union Hall is empty. My neighbors have joined the Peace Corps and will be working a couple years in the south Pacific, pretty tough huh?

Setting up a home business has the most appeal to me personally as I worked for myself for over 25 years, just prior to my retiring. Even in retirement I keep a little home business going and if you want to you can do the same. There are many options available now as the Internet allows virtually anyone to work in their underwear, no commuting, no boss, no time clock although I do set my own hours and work my business during those hours. Even if you have never had your own business you have skills and information that you can use to generate income by helping others. Take a little time to list all your previous work experience, your hobbies, your interests play a big part here, even if you’re not expert, you can accumulate enough information using the Internet and bundle that into a product or service that has value to others. You can also sell other peoples products by using affiliate marketing, resale rights, or multilevel marketing.

If you were planning on using your investment account for retirement income, your IRA for 401(k) probably doesn’t look any better than mine. The baby boomers retirement does not look all that bright right now, if you are were planning on laying around eating bonbons, but with a little entrepreneurialism I’m sure you will do just fine, as there are so many opportunities today because of the Internet that were not available to our parents. I have used the Internet to sell my horses for the past 10 years sometimes clear across the country, so I know it is possible to create a business on the Internet where you can generate income to supplement your Social Security retirement check.

Just because your Wall Street investment account took a hit don’t despair, consider starting up your own home business you can either operate your home business locally or worldwide using the Internet. Some of you actually enjoy working part-time for someone else, my mother-in-law used to work in a little antique shop for a lady and enjoyed it immensely. My neighbor works as an electrician a few months out of the year. Don’t forget there are lots of ways to economize, although that’s not my favorite if I have to I can downsize to build up my retirement stash, but before I do that, I prefer to keep building my own little business using the Internet.

Is your retirement account balance low or even a goose egg? Tired of existing on your Social Security retirement check? More tips and answers to how to retire.

Dale Anderson
http://www.daleandersoninc.com/