Today you have many financial options to help you in planning for your retirement years. Unfortunately a pension is not one of them for many of us. I am in the working group that came in on the tail end of companies offering pensions. I do actually have one from the first company I worked for. It’s not much but it will add a few hundred dollars each month when I decide to retire.
How will my 401K plan work out?
What is currently the main financial method for saving for retirement is a 401K plan or something similar. I have one and you probably do too. These are offered by many employers to their employees. Some people set up their own plan called an IRA or Individual Retirement Account. There is nothing wrong with them, except you cannot do much to control the return on your investment other than hope that when you do retire the market timing is good.
For many people during the recent recession the stock market crashed. Most 401K plans invest your money in the stocks and bonds. If you check you account statement you can determine what your money is invested in. Sometimes when you decide to retire the market is down and so is the value in your account. This will directly affect your monthly income withdrawal amounts if you want to maintain your principal balance.
In some extreme cases it may delay your retirement date indefinitely and force you to still work.
Older Americas Are More Afraid Of Running Out of Money Than Death
“According to a recent Transamerica study, 43% of workers 50 and older claim that their greatest retirement-related fear is outliving their savings.” Now that’s a scary thought! You can read the entire article HERE.
What’s An Alternative?
There are many other investment opportunities out there but you need to weigh the risks. One of the lowest risk opportunities to assist you in setting up an additional retirement income stream is to start and build a network marketing business. There are literally dozens of different legitimate and well run companies now you can join. The investment you mainly will make is time and small amount of money. The return on that investment can make the difference in your retirement years, and it may only take as little as two years to set up a few thousand dollars per month extra income. Plus you don’t have to quit your present job to do this business in your spare time.
The better news; it’s not like a job so it keeps coming in after your retirement.
Time Will Go By Anyway
The interesting thing about time is that whether we do anything or not to add the additional income, it will continue to pass us. Meaning, the two years will pass even if you don’t make the business investment. Consider this option to help you diversify your income in your retirement years. It would be best to have multiple streams of income to offset any risk of loss in any single source. Its always a good idea to Hope for the best and plan for the worst. Do some research and check out the opportunities. You really have nothing to lose and something really good to gain.
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Thanks for reading!
Mark Balderrama
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