Maximize Your Retirement Funds
Table of Contents
This section will lay out a step-by-step plan to take control of your retirement money. The truth is, 401(k) plans are only good for you while you are working for that company and receiving a company match. Once you’ve left their employ, your money should go with you. If you left your 401(k) funds behind at your former employer or just had them roll them over for you with their choice of broker, chances are very good that money isn’t earning for you the way it should.
For instance, unless you gave instructions to that broker otherwise, your funds are probably sitting in a low-earning mutual fund or worse, as cash. You need to direct those investments once you aren’t in a 401(k) anymore.
Don’t worry though, the OldLadyinTraining has you covered.
Follow these 4 steps to gain control of your hard-earned retirement money, get it working optimally for you, and back on track.
If you’re concerned that you won’t have enough money in retirement, you are not alone. Scroll down to read more . . .
Affording Retirement as a Gen-X Member
More than 30% of Gen-X members don’t think they’ll be able to retire at 65?
56% of Gen-X’ers have less than $100,000 in their retirement accounts.
Gen-X women are 53% more likely to have nothing saved for retirement than Gen-X men.
According to this report. 69% of Gen Xers want to retire before age 65, but only 37% think they’ll be able to retire by then and nearly 40% of Gen X aren’t confident they’ll be able to afford to retire at all.
Those numbers sound bleak, and there’s a good chance that if you landed here from a search about retirement, you’re concerned about your retirement situation as well.
There is good news. We still have time! Everyone wants to convince you that if you didn’t save from your twenties, you’ll have to downgrade your lifestyle or run out of money. Nothing could be further from the truth.
You don’t need savings in retirement, you need income. Even people who retire with fat retirement accounts, don’t spend their savings, they spend the income generated by those savings. Likely dividends or a set amount pulled from the returns. They leave their capital to continue earning income.
If you haven’t amassed a pile of capital by now, (and most of us don’t!) the best course of action is to start generating passive income online that will continue to pay you throughout your retirement years. Scroll down to read more . . .
Step 3
Grow Your Retirement Funds with these Three Proven Trading Strategies for Beginners
The Retirement Revolution: Why Passive Income Beats Traditional Savings
Face it. If you’re over 40 and haven’t been saving since you started working, chances are slim that you’ll be able to “catch-up” on retirement savings.
You’ve heard the old adage, “workers save entrepreneurs invest.” Creating income streams through your own business will always trump savings and here’s why.
Savings, no matter how substantial, is a finite resource. If you’re relying solely on savings during retirement, you’re essentially working with a countdown timer, a nest egg that diminishes with each withdrawal. Even a well-planned budget can face unpredictable expenses, and over time, it’s possible that your savings could eventually deplete. Furthermore, living in retirement worried that your money will run out is not living!
In contrast, passive income sources, if well managed, can provide a continual stream of revenue, akin to an ever-flowing spring. Examples of such income sources include rental income from real estate, dividends from investments, earnings from an online business, or royalties or ad revenue from creative work.
The key aspect of these income sources is that they have the potential to generate revenue regularly without the need for active, daily involvement.
Think of it like this – with savings, you’re eating into the capital each time you spend. It’s like consuming a loaf of bread slice by slice; eventually, the loaf will be gone. However, with passive income, it’s more like having a bread-making machine that produces a new loaf periodically. As long as the machine is well-maintained and the necessary ingredients are available, it will continue to churn out bread. This principle is what sets passive income apart and makes it a desirable component for a robust retirement plan.
This continuity of income can add a level of financial security and peace of mind during your retirement years, knowing that you have an ongoing income source that won’t run dry. Click Here to take the first steps toward creating your own on-line money machine to secure a better retirement for yourself today!