Have you ever asked yourself how long will my retirement money last? Consumers are finding that goods are getting more
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 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 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?
Ways To Make Money After Retirement
There are many ways to make money after you retire such as:
- Rent out a spare bedroom
- Pet sitter
- Baby sitter
- Paid Surveys
- Mystery shopper
- Walmart greeter
- 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.