A study conducted by Boston College’s Center for Retirement Research has found that American workers are $6.6 trillion short of what they need to retire comfortably. A striking number, 46% of all American workers, have less than $10,000 saved for retirement. Maybe, you are the exceptional American, though I suspect most of you still worry your retirement nest egg won’t last as long as you do. The important thing to realize is that you have options.
You Have Options
Turn hobbies into income
– in a block party recently, neighbors discovered that some play the banjo and harmonica. How about giving lessons? One was a retired English teacher. Another liked to write. Still, others loved reading, gardening, and walking. Why not teach others to play the banjo. Lots of people are coming across our border; how about teaching them English. Add to your income by becoming a freelance writer, write articles about your city, and take photos on your walks.
– do you really need that big house? Think of the utility money you’ll save with a smaller home or on property taxes, and the less time spent on upkeep. When you downsize, you’ll discover a new hobby, selling your excess stuff at a garage sale, or learn about Craig’s list.
Sharing in the new economy
– new companies have sprung up to help you rent out a room. “You can rent out rooms in your house through HomeAway.com, Vacation Rentals By Owner.com or Airbnb,” says Sandy Franks, executive director of the Women’s Financial Alliance in Baltimore. “One room rented out two nights per week is about $10,400 a year in extra income.”
Track your spending
– a lot of people don’t really know where their money goes each month. Start now, and for a month, write down everything you spend money on. At the end of the month, look back on your spending by grouping your expenditures. Are you amazed at how little things get to be big things? Are you spending money wisely? Are you wasting money? Did you really need that to buy that?
Sell or rent out your home
– You could sell your home, bank the money and house sit for others in exotic locations. Enjoy Mexico, Italy, and Thailand. There are people all over the world looking for singles and couples to trust with their pets and home for some period of time. While you are away, rent out your home — just Google house sitters.
Go online to “Kiplinger” or “International Living”
to get advice on the best places to retire in the U.S. and abroad.
Move to a city or a country where the cost of living is low
– Become an expat In Mexico, for example. The cost of living is about half of the U.S., and there’s a fabulous climate where you can reinvent yourself. As much as the media disses Mexico, you’ll find that Mexico can be safer than many big cities in the U.S.
Continue to invest
– put something away each month. Remember the slogan, “Pay yourself first!”? It is still a good idea to save 10% off the top.
Get out of debt
– stop being a slave to the credit cards. There is no place for debt in retirement. Think about how much cheaper you could live without a mortgage and credit payments.
Worry Your Retirement Nest Egg Won’t Last as Long as You Do?
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