The age-old question of how can I retire now is becoming more troublesome as time passes. According to a Gallup poll people under the age of 30 predict they will retire at less than 60 years of age. As they age their personal prediction rises. The closer to retirement a person gets the more reality sets in. The average retirement age is now 67 years old.
Why can’t you retire before age 67? The average household in America saves only 12% of their income for retirement. Which means you will only have $125,000 saved at the time of retirement. This amount of money as a supplement to social security will not last very long.
For you to retire at the age of 67, you will need a little over one-half of a million dollars to supplement your income. WOW!!! These numbers are daunting in comparison to the average amount retirees have saved. As mentioned above it is approximately $125,000.
And what about social security in America? The way everyone talks about social security, it may no longer be an option.
In 1935 president Franklin D Roosevelt set up social security to supplement retirement income. The ones who worked received their social security upon retirement. But in the 1950s social security changed and was available to disabled workers. This change marked the beginning of concern for availability of social security funds in America.
As the baby boomers came along and the rise in the economy the social security benefits held their own until 2017. The amount of money paid out now exceeds the amount taken in. If you earn an average income of $57,000, a year, you should have at $403,000 put away for retirement at age 67.
The baby boomers are now retiring, and the next generation is a smaller percentage of people to pay into the system. The social security benefits for future payout are expected to drop by one-quarter of the expected income for retirees. And by the year 2034 social security is supposed to be nonexistent.
These predictions are ominous for the future of Americans expecting to retire. With the rise in the economy and the decrease in retirement savings, you will not have an income to help you live. How can I retire now will no longer be the question? The questions will be more like “how will I pay the bills and put food on the table?”
How can I retire now? Some ideas
1. Continue working well into your 70s
2. Become a nuclear family
3. Start an online business with full training
You can work longer. Many Americans are working into their 70’s to supplement their retirement income. The demands of a job are taxing on the body as we age. I believe you can work into your 70’s, but the output of your work will decrease which will make it difficult to keep a job.
Some are working because they love to work. But wouldn’t it be nice to set your hours and work when you want to. Then you can take the honey away when you choose to go on a cruise or a motorcycle ride.
The young have the stamina that corporations want. Today the production required of employees is increasing and demands higher energy output. How will you keep up with these energy demands?
You can live with your family. They can foot the bill, and with your supplement of social security, you will have a good life. The extended family unit is not as accepted here in America but it is an excellent alternative to working if you have declining health.
The only problem with this is the average income of workers today may not be enough to feed another mouth or two. This option takes us back to the beginning of how can I retire now.
The third option I offer is to continue working but not in a job that requires an increased expenditure of your energy. People are making money online today and one of those ways is affiliate marketing.
For many Americans age, 55 to 70 affiliate marketing sounds like a strange suggestion. You know a bit about the internet, but you don’t think you know enough to start an online business. I believe you do know enough and with the right training you can set up a very lucrative business right from your home.
I am 62 years old, and I did retire from my job as an emergency room nurse on Sept 6, 2018. I was 61 at the time. Just like you, I knew a bit about the internet but not enough to make money at an online business.
I stumbled onto a company named Wealthy Affiliate while researching another subject. It was a God-given thing for me. I didn’t know what I would do with my retirement time, but I knew my days of emergency room nursing were coming to a close. The physical demand was becoming too much for me.
You can start and online affiliate marketing business. I started my business a couple of years before I retired. It takes time to create an online business so you want to start early. You can even start it as early as 20 or 30 and add to your retirement.
I will give you an idea of how you can begin because it is the way I did it.
My #1 Recommendation For Building An Online Business
At the top of this article, you see a box with an eBook. Suppose you want to learn more about setting up a business online; just put in your email address and download my book. I talk all about affiliate marketing. Once you finish that, I will break it all down for you and send you weekly emails with information on how to get started. You can earn a passive income online from home.
I also offer an alternative way to learn. I learned all I know from the Wealthy Affiliate Platform. You can sign in and set up an account with WA. I will be your personal mentor, as well as the full support of a like-minded community.
When you sign into Wealthy Affiliate Platform, I will receive a notification and send you an email. You can reach me by responding to that email. On the inside, I am your personal mentor and here to help you succeed whenever you need me.