A Lost and Found Retirement

Early last year, I was sure that I would have a comfortable retirement.  But then the stock market took a plunge.  That gave me pause.  Then I got my real estate tax bill.  What an increase!  Don’t they know that I will have a fixed amount to spend in retirement?  And they just announced a 13% premium jump in my healthcare plan.  And they didn’t even offer better coverage for this shocking increase.  We just had a party for my dad’s 90th birthday.  How long will he live?  Will he need to go into a high priced assisted living facility?  What if he lives another 10 years?  Can he afford it?  Can I afford to help him?  Will my retirement plan work if I live to 95 or 100?  But that was yesterday.  Confidence that my fixed retirement income and all the money my wife and I have saved suddenly come into question.  What do I do?

My employer no longer wants me there.  He has young “kids” who do as good a job as I do.  He pays them a lot less money and they are not on the same costly retirement plan I am on.  Besides, after all of these years, I’m tired of it.

I thought about looking for another job.   There are actually a lot of retail companies who will hire me.  Some want me to work as a greeter and some as a handyman expert.  Or I can start a business.  But I don’t want to put a lot of my nest egg into it and risk the modest retirement that I still can afford.  I sure don’t want to have a lot of employees and all of the complexities they bring to your business.  I can’t do any heavy lifting.  Will I still be able to get away for the winter to Florida like I always dreamed about?

I found that the answer to this is yes, there are seasonal mini-businesses, some only lasting as long as one month each year, which can provide a supplemental income, with no employees and can be started for under $5,000.  This can be the perfect retirement business.  This will allow me to delay withdrawing from my retirement savings some of the money I need each year to live off.  As I learned when I first started working and saving for retirement, a dollar invested when you are 25, turns into a lot more money when you are 65.  The same goes here, if you can skip withdrawing $15,000 the first few years of retirement, it will make a huge difference in your finances if you live to 90.



About Stan Spector

Stan Spector is the author of Boomers Official Guide Retirement to Income and an expert on RetireWOW.com

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