Retirement Savings and Earning Ongoing Income – Overview
Introduction
In the 4th Part of the “Design Your New Life” Blueprint, we explore retirement savings and income which I have broken down into 3 closely related sub categories, all of which have undergone significant changes in recent years as a result of innovations in technology:
- Your Savings and Pension – will they be sufficient?
- Will You Need Extra Money for Your Retirement & Potential sources of ongoing income, and
- How, when it comes to earning extra money for your retirement, and leading a life with purpose, the internet has changed everything.
Retirement Has Changed Forever
If you are over 50 today, your retirement years, the third stage of your life, is uncharted territory. What we know for certain is that our ‘retirement years’ will look very different from those our parents and grandparents experienced.
In the developed nations of the world, we are living longer than ever before, so at least a third of your life is likely to be spent in retirement (i.e. over 60 years of age). So you need to carefully consider the financial aspects of retirement, the lifestyle you desire, and how you will retain your sense of purpose; without which, an older person’s life can deteriorate very rapidly.
This is a new age; so we haven’t had many role models to show us how to live a healthy and active life for a further 30 to 35 years, and even the minority who have done so in the past, lived in a totally different world from the one you and I will experience in our retirement years; a world in which opportunities to prosper are readily available to those of us with the right mindset, determination, persistence, and passion for life.
It is vital from the outset, that you understand that at any age, human beings need to feel relevant and useful in order to feel fulfilled and happy.
When people retire without a plan, they lose their sense of purpose, they become disconnected and depressed.
But don’t worry if that sounds like you; it is never too late to start your new life, you are never too old to learn, you just need to get your mindset right and take action.
The very fact that you are reading this right now means you have already taken a big positive step in the right direction.
No matter how you decide to live this third stage of your life, you will need to find a cause or a fulfilling activity that creates meaning, gives you a sense of being significant and helps you to feel valued; i.e. that your life has a purpose.
It sounds simple and obvious doesn’t it? Well you would be amazed how many people never really get this, or if they do get it intellectually, don’t take action to make it actually happen in their retirement life.
This section of the Design Your New Life system has been designed to show you some of the biggest opportunities that the Internet Revolution has made possible.
Calling on my own personal experience and learnings over the past three years, I will give you guidance on how to select one that suits you, exactly how to go about it, and the training courses that I believe are the best ones available to invest in.
This will save you time, money and some of the frustrations I felt, when I realised that I had been investing time and money in training that, in hindsight, was not right for me. I will also make you aware of the pitfalls and traps that will await you in the online world; and there are many out there just waiting for inexperienced people to take the bait.
Will You Need Extra Money for Your Retirement?
I am sure that many of you would have this in the back of your minds as you approach retirement, or if you have already retired you may be finding that you are spending more than you budgeted, or that the interest on your investments is much less in these times of low interest rates. Quite possibly the global financial crisis would have hit many of you hard, so your nest-egg for the future may already be less than you had anticipated.
So the big question is, will you need to earn extra money for your retirement? To enable you to maintain your current lifestyle, and to do all the things you always planned to do, but somehow never got round to doing during your working life?
Now add to that the distinct possibility that you could live for many more years than you expected, and it will probably increase your concerns even further. So unless you can bring in some extra money, you may decide to cut your budgets to conserve your savings just in case you live longer.
Doing this makes your ongoing day to day life more difficult. This is not a great situation to be in.
In terms of investment advice, although I am a qualified accountant, I am not going to be offering advice on how you should invest your pension and savings. There are many sources of advice covering every aspect of that subject available to you, and that advice will vary depending on which country you live in, or intend to retire to.
I expect that most of you would already have that ongoing advice in place from your pension fund, your financial advisor or your bank; if not I suggest you do get that in place right now.
If you want other sources of information, you can go to Google and type in “Planning for retirement”, and you will find many sources of advice there; but remember that every one of those sources probably has something to sell you, so please take professional advice before committing to anything.
Conclusion
There are many reasons why older people will want to earn additional income in retirement and why that might be starting their own business working from home.
The opportunities to earn additional income are limited only by your imagination or your willingness to take action.
When it comes to earning additional income for your retirement, the Internet has changed everything.
I have recently released my updated free eBook “How to Create Your Personalised Blueprint For a Long, Healthy and Wealthy Retirement Life” which covers all the topics in the Design Your New Life 4 Part System including how to earn additional income in your retirement years.
If you haven’t already done so, you can request a copy.
This report provides a helpful overview of what you will learn in-depth, if you join my new program “Blueprint for a long, healthy and wealthy retirement life”
Last Updated October 2018 Copyright © 2014 designyournewlife.com, a division of DA Web Enterprises Pty Ltd