Some Tips for Maximizing Your Retirement Income
By Chuck Dudley
Thinking about retirement probably sparks a range of emotions for you. Joy…….excitement……fear…….What will I do with my time? Will there be enough income, or will I need to find come creative ways to support my family?
“Traditional retirement” is not that any more. People used to go straight from working to not working at all……..it’s all changed. We are living longer, so there are new challenges to find, interests to explore and people to visit. So…….we have to stretch income further…. that is if we want to enjoy this “retirement.”
We’ll probably work longer than previous retirees did, not stopping at 62 but maybe going to 70 and beyond.
That means it’s crucial to define YOUR retirement and how to manage your income.
Maybe you can scale back your current job. Maybe you can turn a hobby into a business or even have a second (or third!) career while transitioning to a life of leisure.
A Thoughtful Approach and a Plan
Having a proper plan will help provide you with additional income, and will keep you active at your preferred pace. How many stories have you heard about the person that retired, and didn’t stay active, only to find it unfulfilling?
If you work longer, maybe just a little, it should help delay the need to tap into retirement savings and Social Security. For the most part, the longer you can hold off taking Social Security, the better it will be in the long run.
First, check your Social Security Statement. Go to ssa.gov and set up your on-line account. It’s really easy to do to see where you stand. Create your own page there to study the options. It’s a fun exercise believe it or not! Think of it this way, it’s your own personal pension to help you pay the bills (Paychex) and the rest of your savings can be used to do the things you want (Playchex!)
If you have a gap between how much you think you’ll need and how much you think you’ll have, you might consider a phased approach to retiring.
Get with an advisor, look at the scenarios, and make that plan a reality.
Some Ideas for Extra Income
Start with your current job. You are valuable and have lots of knowledge. Maybe you go to part time, or move into a role that’s less time consuming. You can still have value, and get paid. And it will be important to have some place to go every day. After all, you’ve been doing it all your adult life.
Another idea is to share your expertise. Be a tutor, and instructor or a speaker. Write a blog, publish articles on what you’ve learned in your business life.
Maybe you reinvent yourself. Go in a completely different direction, taking a hobby and turning it into a labor (paying labor that is) of love. Why not!!
Or maybe you just want to volunteer. Lots of charities and churches would be glad to have you. Retirement is not just about income, it’s about quality of life and how you choose to affect others.
Please, Enjoy the Retirement You Deserve!
Thinking about this might be overwhelming. But good planning and thoughtful research will go a long way helping to overcome that feeling.
Just remember this: there will be opportunities to make a little extra income in retirement. It will help you feel confident about your financial security. This will allow you to enjoy the leisure and freedom you deserve after all your years of being in the workplace.
To use the old Chinese proverb again: The best time to plant a tree was 20 years ago. The second best time is today.
ACTION PLAN
If you really want to make sure you have right ideas for moving forward in a positive manner, we will listen. We’ve been able to help families and businesses learn to use money wisely, and we’d like to help you too. We would be honored to visit with you about how to help you and your business. My number is 501-318-0010, or you can send me an email at cdudley@argentfinancial.com.
An hour of your time spent analyzing your situation might make a lifetime of difference
Arkansas Insurance Producer # 1005698
That’s all for this month! If you’ve enjoyed what you read, please share Money Matters with a friend, family member or loved one.
Sincerely,
Chuck Dudley
Contact Chuck Dudley at (501) 318-0010 or cdudley@argentfinancial.com.
