America’s Retirement Crisis
Are you nearing retirement, or have you recently retired? Chances are your retirement income is not sufficient for you to maintain the same lifestyle you enjoyed pre-retirement. Do not feel bad, you are not alone. Most people retiring today or preparing for retirement have less than $30,000 in total savings. Many people approaching this end of work milestone have absolutely nothing saved. So, what do I do now, you ask? Do not panic there are numerous options available for you.
In this blog we will recommend various options for you to consider.
Invest in Yourself
Warren Buffet said in a recent Forbes interview, “Ultimately, there’s one investment that supersedes all others. Invest in yourself, nobody can take away what you’ve got in yourself, and everybody has potential they haven’t used yet”
If you are considering ways to supplement your retirement income, educate yourself. Maybe you are considering ways to earn money from home; there are many ways to do this. Could be you are considering an online business, affiliate marketing, digital agency, or course building on topics in which you have expertise.
This link will provide multiple ways to increase your knowledge in different online business opportunities.
Trade Stock Options
With the uncertainty in the economy today, trading stock options provides the opportunity to make money regardless if the stocks go up or down. Trading stock options give you leverage which allows you to control the buy or sell option on a larger block of shares for much less money than if you bought the underlying shares. Beware, this also comes with increased risks. There are numerous different platforms which allow you to trade stock options. Please ensure you are knowledgeable in trading stocks before you embark on this recommendation. Again, there are numerous education opportunities to help you improve your knowledge in the stock market and trading stock options.
Be a Consultant
Do you have a special expertise in a particular field? You can sell that expertise and share with others what you have experienced and learned throughout your career. Good advise is always welcome and valuable. A great place to start is on LinkedIn, create your profile and begin marketing your services. If you have expertise in any field, you are a great candidate for consulting. Be that in accounting, engineering, marketing, advertising, government work, even bicycling. You just need to put yourself out there. Click on this link for more information on How to Start a Consulting Business.
Volunteering/Non-Profit
Right now, many legitimate non-profit organizations are looking for employees. Not only can they pay, but they are often emotionally rewarding. In addition to feeling good about yourself, they can also be very profitable for you. Check out The United Way, Good Will, and The Salvation Army or Red Cross for starters. Check out Google for numerous websites offering insight into volunteering and non-profits including Volunteering and Nonprofit Career Resources.
Be a Bus Driver
Have you ever considered being a Bus Driver? There are many opportunities, not only a school bus driver, but there are travel coaches. These offer your opportunities to travel as well as earn money. According to the Bureau of Labor Statistics, bus driving can provide additional income between $20,000 and $70,000 per year. Check out this link to better understand what a bus driver does.
Conclusion
In this blog post we have provided five different options for you to supplement your income in retirement. Don’t get stuck waiting for Uncle Sam to provide for you, you may be disappointed. We will feature additional income opportunities for you in future posts. Please consider our first recommendation, Invest in Yourself, this may very well be the best investment you will ever make.