What it Takes to Retire
I received the following from a business associate, and had to pass it on:
What does it really take to save for retirement? We ran some numbers.
Here are the factors used in the example:
Current age = 40 years old
Desired retirement age = 65
Current savings = $50,000 (average for this age group in US)
Desired retirement income = $48,000/yr in 2007 dollars (current US median income)
Social Security income = $18,000/yr
Inflation rate = 3%
Return on investment = 6%
Investments are tax sheltered (401k or IRA)
So, what’s the result? How much do you have to save every year to meet this retirement goal?
The answer = $14,714
Are you currently saving $14,714 per year for your retirement? If you’re like most people, probably not.
And what if you’re older, or wish to retire early? (if you’re currently 50, the number increases to $30,125)
What’s the answer?
More accurately, what’s the question?
The question is, how do you produce the income you desire for retirement?
Traditional retirement planning requires you to have your money work for you. You live off the income it produces. This is where the idea of “it takes money to make money” comes from. What if you don’t have the money to put to work? Then you have to save it. And, doing so often requires you to save much more than the typical US household currently does.
Yet, there is an alternative. Instead of having your money work for you, what if you could have something else working for you to produce the income? That’s where having a side business comes in.
Most people struggle and unsuccessfully try to save for retirement, knowing all the while that they will probably not reach their goals. This is why 50% of people surveyed say they will not have enough money to retire. And the surveys are optimistic. The true figure (according to the Social Security Administration) is more like 95%.
But, some will spend a few years building a side business that produces income, then use that income for their retirement whatever their age. They can achieve their goals without the huge savings requirement, simply by being diligent and spending the time and effort to build their business.
Are you on track for your retirement plans?
If not, check this out http://lindawilhite.com to learn about how to build a side business that could potentially solve that problem. It may or may not be for you, but what if it is?
I was fortunate. I learned how to create that additional source of income. I have been able to “retire” from a job of 20 years, and begun living life on my terms.
Will you be traveling into the sunset, or greeting customers at the door?
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