It is an unfortunately common occurrence for individuals who are nearing retirement to realize that they have failed to save enough money to live the lifestyle that they would like to. In some cases, this may be due to poor planning, but it may also be due to job loss, economic and stock market factors or major life events. Other individuals will discover after retiring that the retirement budget they prepared is simply not adequate for them to live comfortably or to enjoy the Golden Years that they have been dreaming about. If you can relate to this, you may be thinking about working after retirement to improve your financial situation with extra income.
Your Income Needs in Retirement
In retirement, you may receive Social Security income, and some
individuals may have Supplemental Security Income, distributions from a
retirement account and real estate income. Your financial needs in
retirement may be based on factors related to your lifestyle, if you
have a mortgage or other debts, your tax liability and numerous other
factors. You may also be responsible for insurance payments, medical
bills and even some financial support to your children. When even one
area of your budget is off from your retirement planning efforts, there
may be a need to supplement your income in some way.
Your Job Options
Many older adults who consider working after retirement also want to
continue to enjoy the stress-free, laid-back lifestyle that is
associated with the Golden Years. You may be looking for a job that
gives you a steady source of supplemental income but that does not
require you to commit to specific work hours or to be tied to a certain
geographic area. While some individuals may consider using their
professional skills for consulting, lessons or other part-time work,
there are also numerous online jobs opportunities available to retirees
today. Working after retirement does not have to be an inconvenience
that impacts your ability to enjoy retirement fully. In fact, with the
right job, you can enjoy the extra income you need coupled with the
flexibility you want. With a work-from-home job, you may be able to
generate additional cash to pay the bills, fund your travel plans and
meet other goals. In many cases, you can work in any location where you
have an Internet connection, and this gives you a considerable amount of
If You Are Still Planning for Retirement
The good news is that retirees who are struggling with their finances do
have several job opportunities to consider, but those who are
approaching retirement may still need to work and may want to supplement
their income with a part-time job. If your retirement planning efforts
appear to be falling short of meeting your goals, you can be proactive
and take on a second job before you reach retirement. Online job
opportunities are a great option to consider, and these may provide you
with the ability to generate income from home in the evenings and on the
weekends or from any number of other locations.
While Social Security income, Supplemental Security Income and other
sources of income may be suitable for some individuals, this income may
be inadequate for helping you to achieve your specific financial goals.
Whether you are in retirement or approaching this point in your life,
consider taking on a supplemental job working from home.
Monday, November 24, 2014
Have health insurance in order: First and foremost, if you are looking to quit the workforce, you will want to have your health insurance in order. Now, if you are old enough, you won't have to worry about this. Otherwise, if you are looking to quit while you are young, you will want to follow this retirement advice. Think about it, if you have amassed a small fortune, you are just one or two bad illnesses away from ending up in bankruptcy. However, with a serious insurance policy,you can protect your net worth easily.
Remember that you have more time: Without a doubt, the retire early lifestyle is an amazing one. Think about it, when retired, you can take your time to make healthy, Delicious and nutritious meals. Not only that, if you are retired, you can fix your house and not worry about hiring a professional as you will have the time. Simply put, if you are retiring, you will need to live more frugally and not spend money that you can otherwise save.
Pay off big things: If you can, you should pay off all your big bills before you retire. If you pay for your car and house, you will have an easy time living a frugal and happy life. Not only should you do this, you should try to improve your home and do any other projects before it's too late. Otherwise, if you wait until retirement, you are going to put yourself in a bad place as you will need to spend plenty of cash that you may not have. Remember, this is some of the best retirement advice you can get.
Come up with a plan: Before you stop working, you will want to devise a workable retirement plan. Often, people will stop working and end up spending all their money quickly as they have more free time. To avoid this serious problem, you should try to join the retire early lifestyle by coming up with a plan. To do so, you will want to think about how much money you will spend every month on your basic costs such as groceries, housing and transportation. Then, when you do this, you are going to have an easier time meeting your long-term financial obligations.
Doing cheap and free things; Finally, if you want to live the good life, you will want to live a frugal one. To do so, think about things you can do that are not expensive such as going to the library or the beach. Then, you can see the outside world without spending your entire savings in a few years. This is, without a doubt, the best retirement advice you can follow as you will want to have fun and still save some cash.
With these five tips, you can enjoy the best retirement.
Thursday, November 20, 2014
Enjoying a fulfilling and carefree retirement is a dream for many people. With diligence and through focusing on a retirement investment plan, it's possible for anyone to make the most out of life after work. Of course, it's impossible to foresee every eventuality that might come up with retirement living. That's why many people make choices that help them save more or earn a bit when they've put the professional world behind them. Some of these choices include:
-Paying off high interest debt like credit cards and resolving to only use what can be paid off during a billing cycle;
-Moving to an area with a less expensive lifestyle;
-Obtaining a reverse mortgage; and
-Getting a part time job.
Many people use their retirement living years to take on a job that's fun, but earns a bit of money too. Take an opportunity to work at a museum, as an usher at a theater or at a local nursery. Being active and social through part time employment is a wonderful way to enrich anyone's life. Even better, having regular income means having to rely less on a retirement investment account so that the money will last longer.
Not having to work full time also means increased opportunities to focus on hobbies and other activities. People who set goals for themselves in retirement tend to be better able to make the best use of their time. Being specific is important. Some people will decide to focus on their golf game. Others will determine to volunteer at a homeless shelter once or twice a week. After leaving the working world behind, some people decide to learn to play the piano, indulge in community education classes or take a cooking tour of Italy. These are all wonderful ways to keep the mind sharp and engaged as well as enhancing the individual's quality of life.
One of the best things anyone can do to maximize enjoyment of retirement is to take care of their health. From eating nutritious meals to getting plenty of exercise, good health allows people to enjoy life at every stage. As an added incentive, healthier people have fewer medical expenses. Since the rising cost of healthcare is a major concern for the retired population, staying healthy makes sense on a number of levels.
One way to stay healthier is by maintaining a vegetable garden. Yard work is marvelous exercise, and nothing tastes better than fresh from the garden produce. Plus, this project saves on grocery bills, so it's a winning situation all the way around.
Another great way to stay healthy is by scheduling preventative medical checkups. Annual physicals and teeth cleanings may be a bit of a chore, but they can certainly save money in the long run. Moreover, regular visits with health care professionals can help catch major illnesses at early stages which means improved quality of life and a healthier bottom line.
Retirement living can be golden when plans are made well in advance. A sensible retirement investment plan is a good place to start. Add to that a zest for life and a commitment to maintaining good health, and retiring from work can mean the beginning of an amazing journey.
Tuesday, November 18, 2014
If it’s not enough that people aren’t wired for long term planning, the short term tends to get in the way. Many people site day-to-day expenses and cost of living as the reason they can’t save for retirement. Distractions mount, as families grow and the interests of the children start to take center stage. Companies continue to cut retirement plans or stop contributing to them all together. Before long, life has leapt into the future and the time to start savings seems to have passed by. Getting the retirement planning advice is key to making up time and finding the right retirement plans. AARP offers a retirement calculator to start planning for the future.
Understanding Life in Retirement
Life brings about many unforeseen changes and taking them into consideration will help with retirement preparation. Retirement is long these days, lasting two to three decades or more. As time goes by, so often do interest rates, so it’s important to understand the worth of those dollars in the future. If interest rises 3% every year a $10 pizza today will cost .30 cents more next year. It’s best to be prepared for unforeseen things, for example stock market declines, a very long life, long-term care for unseen illness or even assisted care. Medicare will not cover a retiree’s entire healthcare, plan accordingly for a supplemental plan.
Develop a Plan
There are many things people can do to prepare for retiring, but the most important thing is to start saving now. At the age of 50, a worker can contribute more to their 401 (k) and IRA to increase their savings. Working past the age of 62 will help them save more money. Delaying Social Security benefits from age 62 to age 70 will increase a retiree’s base benefit by about 75%. Once retired, down sizing to a smaller house will cut down on taxes and utilities. Getting retirement planning advice through one of the many mutual fund companies like Fidelity, T. Rowe Price and Prudential will help a worker understand stocks, bonds and annuities that can contribute to their fixed income in retirement.
Understanding Is Half the Battle
There are many challenges people face every day that contribute to the downfall of retirement planning. A person’s inability to plan long term, see future risks, and ability to procrastinate are big obstacles to retirement preparation. More barriers cross a person’s path, as families grow, companies cut back benefits and time speeds ahead. Understanding what retirement looks like will help in its planning. Working longer and delaying Social Security benefits will help to increase savings and benefits. Finding the right resources is essential to assist the retiree’s savings and potential contributions to a fixed income.
Thursday, November 13, 2014
If you are a mom who is looking to help your family out financially, while also finding a new hobby as well, then you should consider blogging. Starting a moms blog offers a variety of different benefits, many of which most mothers don’t realize or completely understand until they are entrenched in the world of online blogging. Luckily, starting a blog isn’t very difficult and it is something that you can do at your own pace. So if you have plenty of downtime in between afternoon naps and play dates, then starting a blog is something you can easily do. Here are a few other reasons why you should consider starting a blog as a stay at home mom.
It’ll Help Out The Family Financially
Most of the reasons that moms decide to stay at home is because their spouse makes more money and it makes sense for the mother to keep things tidy around the home. However, being a one-income household can be difficult and a mother can certainly feel the stress that comes from her not working a full-time job. Well, stress no more! Blogging is a great option when it comes to jobs for stay home moms, as it’s a way to make extra money on the side. It may only start as a few hundred dollars a month, but it can certainly grow to be more with enough love, care and attention. If you want to be a contributing member to your family’s finances, blogging is a great way to do just that.
You Get To Choose What You Write About
Another great reason to start a moms blog is because you get the opportunity to write about anything that you choose. If you want, you can write about your experience as a mom and what you have to deal with on a daily basis. But if that doesn’t fancy you, then you can also write about countless other options and whatever you feel is specific to the things you enjoy. There is no limit in terms of what you can write about, as there are plenty of markets out there who may be interested in the content you create.
Blogging Can Be Done Anytime, Anywhere
If you have an active child who is always going to soccer practice or piano recitals, it can be difficult to maintain a steady job. But with blogging jobs for stay home moms, you get to choose when you will work and where you will work from. If you have a laptop, you can take it with you and jot down a new piece of content while you are waiting for soccer practice to finish. Or if you have time while your child is doing something active, this is another great chance as well. But what may be the best part is that if you start making enough money for you and your family, you may even be able to take a vacation. And unlike most jobs, you can still write while you are on vacation and keep making money while enjoying your experience.
Blogging is a massively popular platform in today’s online world. So if you are looking to find a job that allows you to stay home and take care of your kids, consider how starting a blog could be just what you need to stay busy and also help out your family.