subject: Is Your Retirement Income Enough? What to Do If It's Not [print this page] Do you have enough money to retire? Will your retirement income be enough to sustain your current lifestyle and allow you to do the things you want to do when you do retire? Find out if you have enough and what you can do about it if you don't.
Calculating Expenses
Experts tell you to practice living on 80% of your income for six months prior to retirement. They say this will give you a good idea if you have enough income to support yourself when you retire.
However, they do not take into account that many people want to do things when they retire. While they will not have the clothing and driving expenses related to work, they will have additional expenses they do not currently have.
For example:
How often will you plan on traveling?
How much do you spend per vacation on average?
Will you purchase a RV, SUV, motorcycle or other entertainment vehicle?
All these expenses need to be taken into account to see if you can truly retire on the money you have.
What to do if you don't have enough income
For many people, they stunning reality is that they do not have enough money to retire AND do the things they want to do. They quickly discover they have enough money to live on but not enough for travel, vacations or spoiling the grandkids. Therefore, coming up with ideas for a substantial retirement income is of the utmost important.
Before you jump into a new job, you must take into account your goals of retirement. For example:
Do you wish to travel?
Can you work standard shift or do you need flexibility?
Can you work regular days or do you need your work schedule to be flexible as well?
When you answer these questions, you may find what you really need is an online job. You need a job where you can set your own hours and work wherever you happen to be when you are free.
How to start an online business
First, you will need to decide what kind of business you want to have online. Basically, you have two options. You can either promote your own product or you can promote someone else's product. When you promote someone else's product, it is called affiliate marketing.
If you have never worked online before, the next thing you need to do is find a mentor or a coach. They will be able to guide you in the ins and out of Internet marketing. Even if you have a background in marketing, Internet marketing is different enough that you will need someone to help you with the intricacies of online marketing.
The most important aspect of working online is starting. Most people will spend all their time learning what to do and never actually doing it. What you must know is that you will never know it all. So take what you know, start doing, learn from your mistakes and make some money online.
Is Your Retirement Income Enough? What to Do If It's Not
By: Caroline Engstrom
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