subject: How Can I Create Wealth in Retirement ? [print this page] Baby Boomers are a large group coming into retirement age and many feel that Social Security will not be able to support the needs of the seniors. Many are looking to have the funds there. Many will live on that alone. Where are you ?
As the economy changes, so does corportate America. The days of working for a company 25+ years is a thing of the past. Our parents and grandparents would stay for that length of time and retire with a little pension, gold watch and a plaque. No more. Some folks work for as many as seven different companies in their carreers these days. What used to be is no more. So the baby boomers of today may not have enough to live on. What to do ?
Can You Simplify Your Life?
When the empty syndrom comes upon you ( some may not have had any children) you may want to simplify your life as much as possible. You can downsize your living quarters. Think about the equity in your home and how you can invest it to earn extra monthly income. You may even consider doing this before you retire.
Sock it Away Now.
Even if you're not ready to take the plunge into retirement at the moment, you still want to get ready for it. If you can downsize, think of the extra money you will have. Being able to do some things you've put off for years. Get to know each other all over.
Just imagine if you can leave your present job ( don't take your pension) and start another career. How many people have done this. Particularly some who can retire after only 20 years of service. Now if both are working, maybe you can sock away one paycheck or a good part of it.
Be sure to work closly with your financial specialist. They should be able to help you find ways to help shelter funds not to be taxed. You must take control of your destiny.
How Can I Generate Money?
There are many ways to help supplement your income. For example, there are tons of ways on the internet. I heard of some women going around to garage sales and purchasing childrens books and re-selling on the internet. You could work part time. Look for positions that you may have experience in; sales, management, teaching, etc.
Other examples are property managers, care givers, greeters (Walmart, etc. ). There is a world of good stuff for retirees out there. Go for it!
