Retirement Income For Life





Retirement Income For Life

Retirement Income For Life
By John Domzalski

Retirement is not what it used to be. All of us who are approaching retirement, and even those who are not - now have to think outside of the conventional retirement plans.

Historically, 401k retirement plans, 401a retirement plans, IRAs, Annuities, Pensions, even Insurance policies have been the trusted alternatives to meager Social Security benefits. But now, these are all suspect. Looming changes in tax laws, and general economic volatility could render all of these ineffective, or even useless.

It's time to return to basics - the same basics that the truly wealthy use when they plan their financial future.

First: How much money will you need to retire?

One rule of thumb is that you'll need 70% of your pre-retirement yearly salary to live comfortably. If you've paid off your mortgage and are in excellent health that might be enough. But if you plan to build your dream house, travel, or get that Ph.D. in entertainment you've always wanted, you may need 100% of your annual income - or even more.

What about expenses? It's important to make realistic estimates about what kind of expenses you will have in retirement. Be honest about how you want to live in retirement and how much it will cost. These estimates are important when it comes time to figure out how much income you will need in order to comfortably afford your retirement.

To start, take a close look at your current expenses in various categories, and then estimate how they will change. For example, your mortgage might be paid off by the time you retire - and you won't have commuting costs. However, your health care costs are likely to rise.

Will social security be enough? The latest surveys indicate that it will not be enough, if it survives at all. When you look at the numbers, you should definitely factor in other sources of income in retirement.

You can check your estimated Social Security benefits by using the government's Social Security Online calculators. Current or former employers can provide estimates of any pension benefits you might receive when you retire.Eventually, your personal savings will have to generate enough income to cover the shortfall that you are likely to experience.

But wait, there is another way! I consider this to be the best way to retire. What is it? Start now to create lasting Retirement Income for Life. Anyone can create Retirement Income for Life. It utilizes the same principles that the wealthy use for their own retirement. This income can come from either Investments, or the efforts of others known as Residual Income.

Investment income is created simply by receiving interest on large sums of money. However recent trends in the economy have made this option more difficult than ever. It also requires a lot of money!

Residual income is now the retirement plan of choice. It is created by working a short time to build a business, then reaping the rewards of that work for a lifetime. Historically, this was done by building up a large business with more than 500 employees. In a large business, employees keep the business running, generating a profit which the owners use to live on throughout their retirement years. Today however, even this can be short lived.

The ultimate "big business" of the 21st century, is now network marketing. Today, even the poor or unemployed can enjoy the benefits of residual income, through network marketing. In network marketing, large numbers of people work together (working at home) sharing in the efforts of each other to produce the same residual income as that enjoyed from big business.

It's important to choose wisely when starting in network marketing. I only recommend the network marketing of gold and silver assets. This new category in network marketing allows anyone to create wealth, while collecting wealth.

You owe it to yourself and your family to find out how you can accumulate and collect true wealth, just like wealthy big business owners do.

Retirement Income for Life, is closer than you think.

John Domzalski is an expert in teaching Entrepreneurs how to create their own Retirement Income For Life. Also known as the Home Business Angel, he currently spends his time mentoring others in Simple Success Secrets that work.

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