Retirement Income Choices

Enjoy Retirement Income Even If You Have No 401(k), No Pension And Little Personal Savings

In order to ensure you don't outlive your retirement income, you must start thinking about ways to generate income after retirement and preserve as much of your assets as possible.

You need a stream of revenue you can count on. Where can you expect to draw income from once the paychecks stop? Let's see.

There are generally 4 sources from which you can expect income after retirement. They are:

Your employer-sponsored retirement plan
Social Security
Your personal savings
Part-time work

There can also be a fifth source: the reverse mortgage. But that's another discussion.

Together, these sources must bring you at least 70 percent of your pre-tax income in order to have a decent retirement lifestyle, according to some experts.

So, let's talk about what you can count on as far as retirement income. Better yet, maybe we should talk about what you can't count on for any meaningful source of income after retirement.

Let's start with pension funds. When a big company like IBM announces that it will freeze its pension plan in 2008, you can bet many other companies will soon follow.

When other companies start doing the same thing, it will simply mean that you will have two choices: either stay on the job until you're 70 (if you're so lucky) or plan on having even less money in retirement.

As it is, even with pension plans in place, many don't have enough to live on. In fact, according to a study conducted by the AARP (American Association of Retired Professionals), it was shown that regardless of the amount of money they have on the day they retire, 50% of Americans will end up living near the poverty level.

So what do you think is going to happen when traditional revenue sources like pensions disappear entirely?

Well, you might say there's always social security. That may be true. But think about this for a minute. Back when it was introduced in 1935, the powers that-be linked the age of retirement to 65. There was only one problem.

Back then, as they magically linked the age of 65 to retirement, the average life expectancy was only 62. So in theory, the majority was never supposed to make it...I guess. Well, what do you think happens now that people are living well into their 80s? That's right. The plan is in big trouble.

This quickly brings us to the third source of retirement income, your personal retirement savings. Well, is your account well funded? Because so far it seems to be about the only sure thing you can count on. Oh, but that's right. I almost forgot about the study that shows the majority of people nearing retirement have less than $25,000 saved.

Let's put that into perspective for a minute. It will take investments worth $300,000 to provide a monthly retirement income of just $1,000 (and, this assumes you withdraw no more than 4 percent of this amount a year and leave enough invested so that future withdrawals can grow to match inflation).

Uhm...Houston...We've got a problem.

If you're one of the many millions of people who may be short $275,000 (out of the $300,000 in investments needed), fortunately for you, there are a number of retirement jobs that are flexible, fun and very lucrative. In addition, they can also be a source of residual income.

But, one of the best and fastest ways available today to supplement your retirement income is to learn how to make money online .

I plan on giving you plenty of tips on how to leverage your best asset to produce more retirement income than you'll ever need. Once I show you the best strategies to make money, I will also give you some tips on managing money wisely for maximum growth.

You will not find any get rich quick schemes (although some strategies will allow you to make a maximum amount of money in minimum time). They will be tried and proven ideas that others have used successfully to jumpstart their early retirement.

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If you have a knack for business, I am going to share with you some ideas on identifying some of the best legitimate business opportunities.

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I will share with you the one skill that you absolutely must possess if not master. This one skill (which can be learned at any age) combined with the power of the internet, may be all you need to ensure you will never be short of income after retirement.

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You will discover that while others approach their retirement in fear about how they're going to survive, you're going to be amazed at the possibilities before you now that you don't have to be 'ankle-chained' to a day job.

I look forward to sharing with you the many great ideas that will make your retirement lifestyle truly exceptional, with the utmost freedom and security. Welcome to the better part of your life!

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