Are you edging towards retirement age with no real savings to account for? You need some retirement income ideas to make up for it. You’re not alone. About 40% of Americans don’t have anything saved up to handle a $400 emergency, let alone retire in comfort. We hear the stories all the time. Even people with supposedly cushy jobs like federal workers are only a paycheck away from wondering how they’re going to feed their kid. As you start thinking about retirement, you really have two options. You can sock money away into a retirement savings account or start an online business. Read on to discover which one is the best one for you.
According to some financial experts, you should be able to have between 70%-80% of your annual income saved up for retirement to live off of for 30 years. So, if you’re currently earning $45,000 a year, your retirement savings should be able to support you at $36,000 a year for 30 years.
That means that you should have about $1 million saved away for retirement. When you’re living paycheck to paycheck, that seems pretty impossible.
You could put your money into the stock market for aggressive growth. That might not work. All it takes is a slight downturn to devour your retirement income.
Retirement Income Ideas
If you’re in need of retirement income ideas, look no further than your computer. Yes, you may have avoided Facebook and all the other social media channels. There’s actually a lot of money to be made online.
Start a Blog
You can start a blog about a topic that you love. It could be anything from gardening to antique car remodels.
You’ll need to get the support to learn how to do things like writing good content and using SEO to drive traffic to your site. It is a very feasible way to make a steady income, but it does take some time to build up. Once you do that, you can monetize your site by selling products, services, or have advertising on your site.
Sell Online Courses
What makes the internet so amazing is that we have information at our fingertips. People are seeking new things to learn and try. It’s so easy to do.
You could sell courses on just about any topic to people. You can sell courses on sailing, how to cook 30-minute meals, or how to grow an amazing vegetable garden. There’s no shortage of great course ideas that people are willing to pay a little money for. You can sell those courses and make a nice side income.
What’s Your Exit Strategy?
The whole point of retirement is to not work anymore. For some people, they’d much rather be on the beach when they retire. Others can’t stop working.
No matter which category you fall under, you’re going to need some kind of exit strategy for your online business. Do you really want to work until you can’t anymore? Probably not. When you start your online business, whether that’s a blog or a drop shipping business, you’re going to need to plan for the day when you no longer do it. For most online entrepreneurs, the most common exit strategy is to sell the business to someone else.
By knowing what your exit strategy is from the outset, you’re keeping that outcome in mind for every business decision that you make. Your focus will be to increase the value as you can of the company. The more valuable the company is when you exit, the better off you’ll be in retirement.
Do you think that you’re too old to start an online business? Entrepreneurship isn’t reserved for the twenty or thirty-something set. Expert scientists actually say that the most successful startup founders are over 40. You have more life experience. You have the patience to make sound decisions. You also have more resources at your disposal and a network of people to support you.
With the right mindset, you can be and do anything you want, even if that means starting an online business. There are a ton of entrepreneurs who struck it big with ventures that they started after the hit the big 4-0.
Adi Dassler might not be a familiar name to you. When you combine his first and last names to form Adidas, you’ll realize how the German conglomerate got its name. He didn’t start Adidas until he was 49 years old.
Walmart was founded by Sam Walton, who later turned the retail outfit into the top retailer in the world. He was 44 when he started the company. He died a billionaire many times over.
Costco, Home Depot, Goldman Sachs, Wells Fargo all had founders who were well into their 40s when they started.
Bank of America, Porsche, Estee Lauder, Nestle, and Campbell’s Soup were all started by people in their 50s.
Age has no bearing on your success as an entrepreneur. It’s all about your willingness and commitment to make it happen.
Retirement Income Ideas to Make Your Dream Retirement a Reality
When many of us start our working careers, we wanted to be like our parents. They worked at the same company for 30 years, got a nice pension, and retired comfortably. They could pretty much do whatever they wanted. That dream no longer exists. It’s unlikely for anyone to stay at a job that long, so you’re going to have to be smart about your retirement income. When you compare trying to build up retirement savings against some of these retirement income ideas, it’s a no brainer.
Building retirement income from an online business makes sense. You can have the retirement that you’ve dreamed of.
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