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Will I have enough money to retire? How much money do I need to retire?

The recent economic downturn has left many people wondering how safe they are in their job and wondering will they still be able to retire. What has happened to your retirement income? Will you be able to retire as planned and live the lifestyle you expected? Or will you retire into poverty, will you outlive your money or do you have to postpone your retirement altogether?

I know many people I am close to lost a lot of money out of their retirement savings plans when the stock market fell. For those in their 20’s and 30’s it’s not fun but they have time to recover. But for those people reaching their 50’s and 60’s and those already retired this was a huge shock. All the best laid plans – GONE!

Even worse were all the people that completely lost their jobs and any type of retirement plan their company had promised them. I know for my wife’s business she lost quite a few clients because of lost jobs and lost income. I had to go back to work because the economy wouldn’t support the two of us working her business. Overall, we have been lucky compared to many people, but the situation caused me to look hard at my ‘Plan B’. I had been dabbling in Network Marketing, but I took a long hard look at it to see if it really had the potential to be a viable business plan and a way for me to provide security for me, my family and for a solid retirement supplement.

By reading this article you will learn that retirement doesn’t have to be a poverty sentence that forces you to change you current lifestyle. You can still have the income required to enjoy life even if your current retirement plan and savings account don’t live up to what you bring home with your paycheck each month. Learn how a part time stay at home business can supplement your income, reduce your taxes and keep you involved with the world. If you are afraid you won’t ever be able to retire or if you do you will outlive your money, this article will help you understand there is another way… A better way!

Does retirement automatically mean a lifestyle change? Well if so, I hope that doesn’t mean I am forced to change because of the lack of money.

Take a look at what the government says about retirement income. In 2002 the average income for retired people was just under $20,000 a year. The average income for American households that year was somewhere in between $40,000 and $50,000. Does that mean our monthly income will be cut in half of more when we are ‘lucky’ enough to retire? For too many people the answer is a BIG, FAT YES.

In fact, a recent Gallup telephone survey of non-retirees age 18 and older also found that 52 percent doubt they will have enough money to live comfortably in retirement, while only 41 percent say they will. This is the first time this decade that the majority of Americans have doubted their ability to retire.

This is why we are told we need to set up those savings accounts and create the nest egg. But if you are like me and most Americans, you have more debt than you have savings.

So are you ready for the drop in income? Ready for poverty and the possibility you will outlive your money? How can you supplement your retirement income?

Take a look at your situation now and decide how much do you need to retire and do it without a big change in lifestyle. It’s a question and answer that is different for everyone. But for the average American you need to make at least an extra $1000 – $1500 a month to keep things close.

So what’s your plan to get that extra money?

One solution, a home based business that you can work part time without taking out a loan or dipping into your current savings account. What if I told you there was a way to start a business from home that requires a small financial investment, can create residual income, can be worked part time and has the possibility to produce a monthly income equal to that of the average retired persons yearly income.

Network Marketing is a business plan that has reached a new pinnacle. During much of its first 50 years of existence this plan has been thought of as one of failure. Poor training has sent many people tumbling down the slopes of anticipated riches to dismal failure. But it was not the plan that failed or even the people, it was the poor training or lack of any training at all. Network Marketing is a very powerful business plan when done the right way.

A home business not only can increase your income and bolster your savings; it can also save you money on your yearly income taxes. It can keep you involved with the world and current events and even give you the Monday morning water cooler chat opportunities many of us lose out on when we retire.

Increase income, decrease taxes, stay involved, remain social… just a few great reasons a home based business makes total sense.

So don’t let your retirement income or lack of it scare you. There is hope.

You can improve your situation and create your Plan B. It’s never too late to start.

The right motivation and attitude teamed up with the right plan and the right training can get you the retirement you always dreamed about.

Don’t settle to live out your days in financial poverty. Step into the life you deserve. Create your Plan B, increase your retirement income and don’t let the question of ‘How much money do I need to retire’ scare you. Retirement does not have to mean lifestyle change.

Think About It!

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Source by Michael Tomberlin