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The chances are that if this post has caught your attention, you are a Baby Boomer searching for ways to supplement your retirement earnings which already seem to be insufficient. You may have already retired or, like me, you are almost there and are keen to know what the top 5 retirement plans are so you can catch up.
Baby Boomers in the US are retiring at the rate of 10,000 per day.
We Baby Boomers, born between 1946 and 1964 are running into retirement like horses on a race track. Investopedia estimates that every day approximately 10,000 Baby Boomers in the United States (US) alone are retiring! That is a staggering number.
The global estimate is that there are 73 MILLION of us worldwide heading feverishly to the retirement gate. Most of these impending retirees are ill-prepared for their retirement and would give anything to start changing their current direction – NOW!
To all the naysayers who may have told you it is not possible, I am proof that it is. Starting now, even if you are at ground zero, change IS possible. Let me show you how.
#5 An Inheritance
At the bottom of our list is an inheritance. Not much planning goes into this really but it can be a crucial lifeline, especially for those who have done little or nothing to prepare for their retirement. Of course, there are many considerations for this plan but if it works in your favour, it can take away all those fluttering butterflies in your stomach.
The most important consideration would be the size of your inheritance. Is it large or small?
An inheritance could be a little or a lot.
A small inheritance would be about $100,000. US or less. This is based on the cost of living in the US. You could take this small sum and move to a country such as the Philippines where your $100,000 or less could spread out for a longer period because of a lower cost of living.
If you choose to stay in the US, your retirement income will last you just over a year in Hawaii, 2 years in Washington or 2 and a half years in Mississippi. The choice is yours.
A somewhat large inheritance, over $500,000 US, could give you a really decent retirement IF you manage it well and are able to ward off that inflation bunny that will keep hopping towards you faster than you can run.
Either way, remember that you have no idea how much longer you will live past retirement. Look around. Do your genes sway towards longevity? If they do, relying on an inheritance – whatever the amount – may net be your best bet.
An annuity is an insurance product. The word ‘insurance’ should alert you to the fact that it is purchased to reduce risk. In the case of retirement, it is used to reduce the risk of having no retirement money if you live a lot longer than you thought you would. For that reason alone, it would be a good retirement plan.
Remember our inheritance? Well, if you think that you would live for a long period past your retirement, then investing some of that inheritance money (or any savings for that matter) into an annuity may be a good decision.
There are no guarantees with an annuity.
There are many different types of annuities. They could be variable or fixed. Deferred or immediate. Depending on how long you invest in an annuity, the law of compound interest could work in your favour and provide you with good windfalls.
Of course, in recent times, we have not seen the sharp rise in interest earnings of the old years. Quite the opposite with financial markets crashing around the globe and recessions becoming the norm.
Another major consideration with annuities is the tax payable. The last thing you want is to save in an annuity fund and at the end realise that a large portion of what you were banking on will be lost in taxes.
#3 The Rule of 72
This is compound interest at its best! Understanding this very simple formula and allowing it to work for you can be a real blessing in your retirement planning. Simply put, the Rule of 72 is a quick way to estimate how long it would take for your money to double, given the compounded annual rate of interest that you receive.
This assumes that you have money, to begin with! Or, that you will be able to start saving regularly from your current earnings.
Time IS Money.
The quote: “Time is Money.” applies here. The longer the time at your disposal, the greater your retirement fund will be. This is because, with the application of compound interest, your money will double more frequently.
As an example:
If you are receiving 6% interest per annum on an investment of $1,000.00. To know how much time will pass before your money doubles, divide 72 by 6. The answer is 12. So, every 12 years your investment will double. You can change the value of time or interest and determine how much of either one you will require to double your money.
Remember your inheritance? If you collect it before retirement and are able to invest it with a few years to spare, the Rule of 72 could work in your favour.
#2 Invest In Real Estate
As you can see from our options, none of our plans are guaranteed to give you 100% of what you will need for retirement. Real estate is no different. However, if you have the right mindset and appetite for risk and investment, real estate can provide you with an admired standard of living when you retire.
Unlike many other retirement plans, (except #1), it can also provide a generational legacy for your heirs. This can ensure that your chosen descendants would benefit from your astute planning and investments.
Location. Location. Location.
There is one catch here. If you want to use real estate as your retirement plan, you need to know what you are doing. The options in real estate are many.
Would you want to flip property? Or would you prefer to choose immediate income-earning residential or commercial properties that offer enough return to pay for itself AND allow for additional investments?
A critical factor in real estate investment is location. Actually, it is the number one factor to hold close when investing in real estate. What are number 2 and number 3, you ask? Well, you guessed it! Location! The ability to successfully predict what locations will become popular or stay in high demand is a property investment skill that many describe as an art.
#1 Passive Income – Earn While You Sleep
Build your retirement legacy while you sleep.
So there you have it. The top 4 retirement plans. Bringing us to our top spot – numero uno! If all you have ever heard about retirement planning is that you have to start early and invest well, then throw all of that to the wind.
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This opportunity ensures that your earnings will continue to grow with you, over time. You choose your hours to invest and our platform provides everything else that you will ever need to start and build a secure retirement income.
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By far, the best way to insure yourself against the ravages of retirement funding is to ensure that your income continues to flow and increases steadily over time. With inflation and volatile economies becoming a way of life, you need to be sure that the retirement instrument you choose can steer the course with you.
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Leave a Comment:
If you enjoyed this blog and would like to contribute to this discussion, please leave a comment below. I would love to hear how you have chosen to live well and build a life of meaningful well-being.
How I started Blogging:
I joined Wealthy Affiliate (WA) in 2019 knowing nothing about how to monetize my expertise online. Within the first month, I had my first website up and running and within the first 4 months, I was ranking in the Top 200 at WA and creating content daily to build my digital business, drive traffic to my online stores and earn income.
Today I manage 2 profitable websites and am enjoying building my online businesses. You can too.
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