How much guaranteed annual income will you have in retirement?
Guaranteed means income that cannot be affected by
♦ stock market changes
♦ your company’s retirement plan income
♦ possibility of the plan’s mis-management
Is your retirement savings 25 times larger
than your expected annual withdrawal?
For most budgets this amount exceeds a million dollars and depending on your lifestyle, travel, hobbies, supporting other family members and emergencies this amount could be several million dollars.
If you have this in retirement savings and have allowed for unexpected market shifts, great! Read no further.
If you either don’t have this cushion of retirement savings or don’t want to tap out your cushion as expenditures or unexpected needs pop up, then read on.
All your working years you have traded your time and expertise for money that you earn.
Maybe you have a job you love and will work till your dying day. Maybe not. The important consideration is that all things in life evolve and change. Your job can vanish or be given to a younger person who works for less money. You could hit a pothole in life and not be able to work or be a casualty of a corporate merger or just plain burned out ready for change. Or maybe you want to enjoy your golden years without worry that your money will last.
Do you have a plan to retire or have you jumped into retirement without a plan for the next 20, 30 or 40 years? Will your current expected retirement income last that long? Do you have a plan for what you want to do in retirement, where you want to live and enjoy life, and if you can keep your current lifestyle?
What if you need a new vehicle, washer and dryer, refrigerator, home maintenance, or (as hubby and I experienced a few years ago) we had to replace at our cost the gas delivery line to our home when the utility company detected a leak underground during a routine gas meter replacement.
Maybe it’s the right time to explore how to compress timeframes to make sure you don’t deplete your resources and you have an abundance of monthly cash flow for your lifestyle.
Do you have a retirement budget shortfall affecting you now or that will hit you in 10, 20 or 30 years?
- How much time is needed to resolve your budget shortfall?
- Would you rather fix the shortfall pain now over months or perpetually over years?
- What are you willing to do instead of dragging out the problem?
- How many hours each week would you dedicate to fixing the problem?
Get realistic now!
It’s time for a mindset shift, a reality check, a commitment!
Now that you admitted you could use additional retirement income it’s time to make the commitment and become a retirement engineer controlling your life.
Watch for my blog and Facebook Live video series explaining the 5 Steps to Compress Your Retirement Timeline.
I’ll show you how to launch a workable timeline to reach your retirement income goals. All this and you have 100% control as you build an exciting small business around your Brain Inventory of all the knowledge, hobby how-to and life experience you have acquired over the years.
Be sure to subscribe for updates and freebies.
Compressing timeframes is simple, it’s easy, but it takes commitment and desire.
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