Admit it. You and I both dream of the day when we can retire. For some people I know, the magic day is in their mid-60’s - an age that has been ingrained into us as the “time” to retire. For “luckier” ones, it may be in their 40’s. Still, others decide to not slow down until their 70’s. Sadly, for some, their lack of proper planning during the early years now means they must work as long as possible just to put food on the table, pay the electric bill and buy their medicines.

Many surveys are finding that between 50 and 75% of “Boomers” don’t think they’ll have enough money to fund all their activities into their retirement years. So, one of the main reasons most will continue to work will be to supplement the retirement fund that they have accumulated. If you fit into this broad sweep of a statement, here are some alternative solutions to consider:

1) Seek part-time employment. Let’s face it, most of us are too young to really retire in the purest sense. We’re too active and still relatively healthy. So consider approaching your company with an alternative. There are all sorts of ways to do this. Some jobs could be split between 2 people – each coming in 2.5 days (or some combination). I’ve seen this work successfully among clerical and customer support positions where routine activities are easily documented and others can pick up where the first one leaves off. It also works with engineering projects and all sorts of technical areas. Look to some of the high-tech industries for ideas on how to creatively structure a new work week for yourself. Consider working at a place that feeds your passion. (If you’re not sure what your passion is, email me – we’ll figure it out!)

 2) Start a small business. Now this isn’t for everyone, and often, a small business ends up requiring more hours than a semi-retired person wants to devote to it; but if you have an entrepreneurial spirit and want to bolster your income, then this may be an alternative. You could start this while still gainfully employed and commit this extra income into an investment plan – something that will generate passive income for you later on.

 3) Redesign your lifestyle. Most of us don’t really want to cut back our lifestyle – now or in the future. However, the reality is this: if we don’t accumulate enough wealth during our working years, then something’s gotta give. Are there things you can cut back on now, accumulate the savings and then invest that sum into an asset that will provide you income down the road? I’m betting everyone can find a way to do this – if they’re really motivated. Take a hard look at your future and see if that’s motivating enough!

Remember the old adage, “Fail to plan, and you plan to fail.” Not having a plan is just courting disaster. Will there be dips and bumps along the way? Certainly. And so, you make adjustments. It’s far easier to make small course corrections than to have to dig out a map and navigate through unknown territory while in a full-scale storm.

It’s not so great when your financial plan (or lack thereof) doesn’t support your dream and you have no other choice but to work to supplement your meager retirement income. But there are alternatives. Take charge of your life now and get it in gear!

In the next article, we’ll explore the emotional aspects of retirement.

Have a Golden Day!
Coach Darlene