Will I Ever Be Able to Retire?

This question is on the mind of millions of baby boomers approaching the normal age for retirement. Sadly, the answer will be no unless they come up with something quickly. Financial planners have been telling boomers for years that they need to save for retirement. This has often been a case of "easier said than done." Baby boomers are one of the best educated and most successful generations of all time. However, we have been notorious for spending, not saving. There is a reason that we have been called the "now generation." Our philosophy has been that we want things and we want them now.

Financial planners told us that we needed 70% of our income when we retired. That didn't seem like it would be too difficult. We just assumed that things would work themselves out.

Philosophy

I operate a blog about how to supplement retirement income. People assume that I am talking about some type of an annuity plan, in other words, supplemental retirement income. For most baby boomers, it is way too late to look at setting up an annuity. Here is what I actually mean. Before one can retire, one must sit down and determine an actual budget that will apply when they stop working. From that budget, they need to subtract their income. Income will include Social Security, pension income and interest from savings, 401K plans or whatever. If income is less than the budget, the amount left over is what a retiree will need to supplement his or her retirement income.

Will I Ever Be Able to Retire?

There are several ways to supplement retirement income but one needs to take action. The two most common solutions are to obtain a part time job or start a business, most likely an online business because one can do so with minimal start up cost. The best way to do this is to begin while you are still working. I have personally set up about 40 websites and blogs that are earning money. I will be retiring next year and I want to be prepared.

Will I Ever Be Able to Retire?

Steve Kujala is in the insurance business. He is a grandfather, a frequent article writer and operates numerous websites and blogs including Supplement Retirement Income at http://BabyBoomersEarnings.blogspot.com.

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