Have you ever asked yourself how long will my retirement money last? Consumers are finding that goods are getting more

How long will my retirement money last

and more expensive every year. And the older we get the cleaner we want to eat to try stay healthy.

But we also know that to eat healthy is expensive. Only in America is where junk food is cheap and healthy food expensive. Shouldn’t that be the other way around?

Recently a friend and I was talking about this very topic and he told me it was the other way around in Europe. He told me that buying food that was healthy was very cheap and buying junk food was really expensive.

When I ask him why that was, he told health care is free it is paid by the government. So, in other words the European government doesn’t want to be putting out a lot of money for sick people hence healthy food is cheap.

How long will my retirement money last

How Much Money Do I Need To Retire?

Good question. What do you think? I wouldn’t depend on Social Security. According to US News the average payout for Social Security was a little over $1,400. That won’t go very far if you mortgage or rent is $1,200.

Incidentally that is average what about below average? I can tell you this my mother-n-law cannot afford to live on her own that is why she lives with us, because she gets a whopping $700 a month. That is a crying shame.

Statics are showing that people are living longer. Also, it is becoming prudent to have a nest egg 30 years beyond age 65, because one in four 65 year of old’s will live to 95 and one in 10 will live past 95.

For instance, what if you live only to 80 or 85 do you have the money to laid up to survive on? I don’t know about you but I don’t want to be a greeter at Walmart when I retire.

Merrill a Bank of America company claims that at the age of 65 if you have a savings of $300,000 your annual income from the savings would be $12,000 a year. Could you live on that?

In addition, if you have savings of $1,000,000 your annual income for the savings would be $40,000 a year.

Finally, if you have savings of $1,500,000 at the age of 65 your annual income from savings would be $60,000 a year.

Next this has to be put in perspective. Right now, one person might be able to survive on $1,000,000 and $1,500,000. But how does that translate if you reach age 65 say 10 years from now, 20 years from now or longer. Would that $40,000 or $60,000 be viable in the economy at that time.

How many of you think you will have $300,000 to $1,500,00 in the bank at the retirement age of 65 from working a job? Most companies try to get rid of you before 65 so they don’t have to pay you a pension.

According to Investopedia the  dollars buying power is less than what it was 20 years ago. That consumer goods have gone up above and beyond what could be caused by inflation. This has got to be a nagging question for many…

How long will my retirement money last

How Long Will My Money Last In Retirement?

I don’t know and I venture to guess that neither do the so-called experts. You don’t want to be that guy standing in the long line at the Social Security Office leaning on his can. And when he finally gets to the counter standing on wobbly knees and beating his cane on the counter top yelling, “Where is my check?”

Alas that is not a life anyone should have to be looking forward too. Retirement is supposed to be a time when you are enjoying your life, not wondering will I have enough money to get me by until my next Social Security check comes.

How do you feel about this topic? Please leave some feedback in the comment section below.

Now is the time to start planning so later you won’t have to be wondering. Granted but what am I supposed to do?

How long will my retirement money last

Ways To Make Money After Retirement

There are many ways to make money after you retire such as:

  • Uber
  • Rent out a spare bedroom
  • Pet sitter
  • Baby sitter
  • Paid Surveys
  • Temp
  • Tutor
  • Mystery shopper
  • Transcriptionist
  • Walmart greeter
  • Fast-food
  • Home-based business

But why wait till you retire. Why wait till you’re coming up short. Start today and will not be looking back having regrets later about what could have been.

How far are you from retirement 2 years, 5 years, 10 years, 15 years, 20 years or beyond? No matter how long the time start planning for your retirement right now.

Take those years and start building something while you are waiting for retirement. You just may find that you start generating enough income to retire early.

Although despite some crooks in the online space. The best place to start making money is online. All you need is a desk top or lap top and an internet connection and you are in business.

And one of the best places to start building a reputable business with a reputable company is Wealthy Affiliate. You will be shown how to start the best business for you and how to get it up and running and making money.

You will be shown step by step what you need to do to succeed in making your business profitable online. Wealthy Affiliate has been around for over 15 years helping start-ups succeed. Read my review on Wealthy Affiliate, HERE.

The question still remains, “How long will my retirement money last? ” That’s up to you. I hope it will last you your whole life. But if you’re not sure take action. Build something to leave a legacy for your children.

It can be done. First you have to start and start in the right place. Wealty Affiliate is that place. So, get going retirement is still coming.

SZA

 

 

28 Replies to “How Long Will My Retirement Money Last And What Can I Do About It?”

  1. Thank you for this great post!  I just hit a family situation where I’m pulling my 401k money out early because we have no other option at this time.  This makes me very uneasy.

    At the same time, the house is already paid for so my monthly living expenses should be relatively low once I do retire.  Still, I want a nest egg so I’m not living in cat food.  And, I really don’t want to fight someone for the few Wal-Mart greeter positions that will be available when the time comes.

    It’s funny you mention starting your own business and even more so that you bring up WA…  I started with them last year and I’m loving it.  My sites are gaining traction and income is starting to flow.  To anyone reading this, it’s definitely worth checking out.

    Thanks again,

    Scott

    1. Hi Scott

      I had to pull my 401K twice due to family emergencies so I know where you’re coming from. Definately Wealthy Affiliate is the place to be. Great place to start your business. Thanks for commenting Scott.

      Much Success

      Eric

  2. This is more relevant than ever for me now.  I only have a year and a half left before retirement and I need to have some supplemental income.  I have no interest in having a boss ever again so I’m doing everything thing I can to invest in myself and make money online.  I don’t want to have to rely on my retirement check so having an income stream on top of that would be excellent 

    1. Hi Ibrahim

      I know what you mean. I’m with you. The best thing you can do is invest in yourself. You can have that income stream.

      All the best

      Eric 

  3. I’ve never thought much about retirement until after I finished college and realized how much dept I was in with no money to spend much less save. That’s when I sat down with a financial adviser and got myself educated about personal financial planning. Over the years, I’ve become more selective towards the stuff that I spend, embracing minimalism and developed a clear mindset between needing something and wanting something. 

    I think it’s a good practice in modern times when people are so generally engulfed by materialism and lost sight of what’s truly important in their twilight years. 

    1. Hi Cathy

      Yes college debt never goes away. And you’re right you have to be selective in what you buy. The media protrays the rich as being spenders but in reality they are very frugal. Thanks

      All the best

      Eric

  4. I’m already feeling that pinch in savings since I  got laid off 5 years ago from Verizon.  I’ve also found that the Wealthy Affiliate really works, as the training is fantastic and the step-by-step systematic approach allows one to build a solid website.   There are so many pieces to successfully implementing an income producing website and the training enables anyone to do that.

    I appreciate that you have laid this out, wish I had read it 5 or more years ago before I ended my previous career.  I’m sure it will help many people coming up on retirement or considering that option now.  Good post! 

  5. The question of how long will my retirement money last is one that so many people ask these days as the cost of living continues to rise while the retirement check does not (in many cases).  Of course, the second question is right behind that first question: What can I do about it?

    Being a retiree myself, these type of questions are of particular interest to me. I have two retirement checks and some residual income, but as expensive as things are these days, there seems to always be more month than money, especially if I do everything I would like to.

    Because I do want to still travel and do other things like fish, go out to see bands play, and eat outside at decent restaurants once in a while, I decided about 4 years ago to start a new business where I could work from home and use the internet to earn. 

    It has worked out and I am supplementing my retirement income and it has helped a lot. I learned through the Wealthy Affiliate platform that you mention, and after 4 years I still am a member of that site. They have helped me so much and they can do the same for every retiree. Good post and lots to think about for people asking these kinds of questions… 

    1. Hi Dave

      I like these kinds of comments because you’re proof thatWealthy Affiliateworks. It’s also glad to hear you’re still a member after 4 years. Glad you’re doing well Dave and thanks for the comment.

      All the best

      Eric

    2. Hi Eric, I’m from London, UK and even though we have the NHS and healthcare is “free” here, we share the same situation as you guys across the pond. Fast food is cheap and so called “healthy” food is expensive.

      I like the list you put together of options people have post retirement and you’re absolutely right in asking why wait until retirement. I’m 33 years away but not going to wait until then!

      Thanks,
      Mike

      1. Hi Mike

        Not good for you guys either. Why wait get something going now you’ll be better off in the long run thanks for sharing.

        All the best

        Eric

  6. It seems like when you sit down and think about it, growing old is a bitch! I know we all want to stay healthy as we grow old, but if we don’t work on our health we will ‘sink.’ (I can only speak for myself, but health is more important than money.) Of course, we all need money to survive on month after month, regardless of our age. But through are creativeness and our ability to survive, we’ll find a way to make it.

    Sometimes money seems so hard to come by. When we get old, the last thing we wanna do is go back into the workforce. Once i retired, I sold my house, moved to another city with a warmer climate and now just enjoying life and working on my pc.

    1. Hi RJ

      Hahaha getting old is no fun. Indeed having good health is more important than money, but having money will help you stay healthy. And good for you glad you are enjoying your life. Thanks

      All the best 

      Eric  

  7. Hi! Thank you for sharing! You hit the nail on the head when you described in details the statistics of retirement and savings but wow I did not realize how much one has to make to really have a healthy nest egg. I also appreciated when you shared what one could do to make money when they have retired! I have heard of WA and will look into it. Question, on WA how long before one see a profit from the investment?

    1. Hi Eliviz

      In this time and enconomy yes your going to have to have a good nest egg to survive. That’s why I push building something as you go toward retirement to make sure you’re living well and not struggling. Wealthy Affiliate is a great way to do that. Elviz how fast you see a return on your investment will depend on you. I can say that most see returns within 6 mths to a year. Many see consitant income after a year.

      Your investment right now to check out WA is nothing it’s free. But if you do decide to become a premium member it’s $49 a month. Peanuts considering all the tools and training and support that comes with that. Other platforms will charge you $100’s if not $1000s and they don’t even come close to what WA offers. Eliviz don’t fall for the get rich quick just a scam it takes time and training to build something real and lasting. Check out WA you won’t be disappointed.

      Much Success

      Eric

  8. Yes. Based on those numbers I don’t think I can retire at age 65. I only have 7 years to go before I’m 65 and I don’t have Close to 300k in a retirement fund. I can’t see myself driving for Uber and doing surveys probably doesn’t pay much and isn’t how I want to spend my time. Your Wealthy Affiliate program looks pretty intriguing. I’ll check it out. 

  9. retirement is on the horizon for me and i have been thinking of how to make a few hundred bucks. you have shed some light in the many ways i can do that and keep my retirement money at bay. for a new reader your content is very straight forward and to the point. I am hoping to exercise a few of your point in the not too distant future, great content keep up the good work.

  10. In my opinion, if you dont start to save or invest money in something, your retirement money will be almost gone in a couple of years. I say this because if you look to the economy, it isn’t going so well, the rents and so more. So, yeah, find something you can make a good saving for on, such as affiliate, or freelancer, so you can be safe for what comes. 

  11. It has been difficult for me to save for retirement and like you, I do not wish to be dependent on a social security check nor trying to make ends meet with some crappy part time job that I hate when I am older. 

    For this reason, I decided to start an online business in the hopes of securing a financially stable future for myself as well as my family. I am happy to say that I started with one of your recommendations, Wealthy Affiliate, a little over 3 months ago and I am astounded at the progress I have made in this short time period. With the training and tools I have available to me through Wealthy Affiliate, my future is beginning to look a whole lot brighter!

  12. I think not many people are thinking about retirement until of course it’s too late. Then they have to live with a sum that it’s impossible to have a normal way of life. With affiliate marketing you can have your own schedule, you can work as much as you want and have no boss over your head. And this way you can gather a good sum that can keep you for all your retirement if you plan everything right. It’s never too late to start and the sooner someone starts his online businees the more time it will have to grow.

  13. Hi, Eric.
    Thanks for sharing your thoughts on survival on retirement money and a plan to make it happen with dignity.
    Health is so important at an old age. As per my opinion financial condition needs to be more sound once we retire but unfortunately it is reverse situation for most of the old age people.
    As suggested by you, we must plan from an early age to retire respectfully and Wealthy Affiliate is one of the trusted & tested path to achieve this goal. I am using it and believe to retire with more peace of mind.
    Warm Regards,
    Gaurav Gaur

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