Tips to boost your retirement income.

Retirement Income Planning

Retirement income can be a scary subject!

I started out retirement unvoluntarily at 65, but that’s another story

I am all about helping others enjoy a vibrant retirement, being fit and healthy.

But we all know money makes the world go round, right?

Today we read more about Baby Boomers in distress.

When you meet a Walmart greeter, I’m sure that wasn’t his or her retirement career objective!

Hopefully your bank account is full but feel free to share these tips with your friends not as fortunate.

Here’s an article I found on newretirement.com, which resonates with me and hopefully will help you as well

 

Where Does Most Retirement Income Come From?

retirement income sourcesAccording to the Pension Rights Center, older adults get retirement income from the following sources:

  • Social Security: 85 percent of people 65 and older get Social Security. The average Social Security income in 2017 will be $1,360, according to a fact sheet from the Social Security Administration. (Wow, what about the other 15%?)
  • Assets: Sixty-three percent of retirees rely on assets for retirement income. According to Retirement USA, “the median amount of asset income for households where either the householder or spouse was aged 65 or older was $1,542 for those households who received any asset income. In 2008 59 percent of older households had income from assets.” (I guess that means 37% of retirees have no assets?)
  • Pensions: A mere 32 percent of today’s retirees have pensions and this number is trending further downward. (Wow, so 78% have no pensions?)
  • Earnings: 23 percent of older Americans have work income. According to the AARP, the median retirement income earned by retirees from work is $25,000 a year. Note, this is the highest amount of any income source. (That’s better, 77% don’t work after retirement)
  • Public Assistance or Veteran’s Benefits: About 7 percent of retirees are getting help from government sources. (Ouch!)

As you can see, retirees today are more dependent than ever before on Social Security income. One of the biggest problems with that approach, aside from the fact that the program isn’t incredibly stable, is that Social Security was never intended to be a primary source of income. It was intended as a boost.

Retired or Almost Retired?  Use These Tips to Boost Your Retirement Income

If you’re on retirement’s threshold or in retirement already, you can still improve your financial situation and get more retirement income.

Here are 6 of the best ways to boost your retirement security and get beyond average retirement income 2017:

1. Postpone retirement:

  • If you haven’t retired yet, postpone your retirement date and use the time working to save more money to use as income later.

2. Postpone the start of Social Security:

  • Postpone collecting Social Security until at least full retirement age, or longer to get the maximum retirement income 2017 (and beyond). Delaying the start of Social Security can mean a BIG boost to your overall retirement wealth. (If you wait to start benefits, you might earn an additional $300 a month — or more.
  • If you calculate that additional benefit over a 30 year time period ($300 multiplied by 30 years) then waiting would mean  $90,000 in additional retirement income.

3. Get a retirement job:

  • You don’t have to work full time, and any income will supplement your Social Security benefits.

4. Postpone withdrawal of savings and maximize investments:

  • By working longer, you can delay the need to withdraw savings. left untouched, your savings in the bank can grow and become worth more — assuming you have optimized your investments.

5. Tap your home equity:

  • For most retirees, their home is their most valuable asset.  There are many ways that you can tap into your home equity to help maximize your wealth, add to your retirement income or make other assets last longer.  Reverse mortgages are an increasingly popular option.  Downsizing is another possibility.

6. Budget and stick to it:

  • Retirement security is not dependent on huge savings accounts and big incomes. You can be secure in retirement even at a very low-income level — so long as your expenses are low too. Downsizing and living frugally can give you a secure retirement at any income level.

7. Know what you have and what you need

Do you know how much retirement income you will have throughout retirement?  Do you know how that compares to the average retirement income 2017? 

 

Well I agree that social security does not fund your retirement needs!

The good news is that a group of people have found the way to earn income from home, thereby taking back control of their lives.

Some of them have even relocated to where they really wanted to be, and working from home on their own flexible schedule.

How cool is that?

I recommend to you to download the free report below on 7 Essential Steps to Choose the Right Home Business

Looking for your retirement success

Ron the Dream Roper McLean

Helping You Lasso Your Dreams

cell/text 864-404-6696

PS: Here the download link for “7 Essential Steps to Choose the Right Home Business”, just go there NOW.

 

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