The Joy of Being Retired
365 Reasons Why You Will Love Retirement

Retirement Income

for Unconventional Retirees

Retirement Income for Retirees - A

Creating wealth does not require hard work, self-sacrifice, or getting up ridiculously early, just quality of thought, imagination, and enthusiasm for what you do.

- from Anxiety Culture

Would you rather run out of retirement income or die instead?

According to a recent survey by Allianz Life titled “Reclaiming the Future: Challenging Retirement Income Perceptions,” 61 percent of the 3,200 baby boomers and retirees (ages 44 to 75) said they feared outliving their retirement income more than they dreaded dying.

More than 90 percent of baby boomers feel the United States is facing a retirement crisis. Respondents indicated that they were aware that they may be contributing to that crisis by not saving enough so that they have an adequate retirement income:

It appears that few retirees have asked that important question: How Much Do I Need to Retire?

Most of the soon-to-be-retired said they don’t know how much retirement income they will require once they retire and they fear that they will outlive their retirement savings.

Respondents to the study also said they expect a lot from retirement - 79 percent said their retirement lifestyle must surpass their parents’.

In my opinion, these people are delusional, but that is another story.

Survey results showed that the median annual retirement income retirees and the soon-to-be retired targeted is $59,000, but baby boomers’ savings are on track to provide only about $20,000 (one third of the retirement income that they would like).

If you are one of these people, you have to save more money — no excuses.

Strategies for Saving Money So

That You Have Enough Retirement Income

1. Start saving immediately regardless of your age — even a little amount goes a long way and sets you up for future success.

2. If you have a hard time saving money, create a budget and control your spending.

3. Set financial goals and monitor your progress regularly.

4. If you work for an organization, sign up for it's pension plan.

5. Always make full use of tax-favoured investment vehicles.

6. Set up an automatic savings program with at least 15 percent — preferably 25 percent — of your income targeted for your retirement account.

Here are the top 10 sources of retirement income available to Americans according to another recent survey.

1. 401(K) & other retirement savings accounts
2. Home equity
3. Pension plans
4. Social security
5. Bank accounts and certificates of deposit
6. Stocks and mutuals funds
7. Retirement jobs and retirement businesses
8. Annuities or insurance plans
9. Inheritance
10. Rent and royalties

retirement resource

Incidentally, although "rent and royalties" are 10th on the above list and constitute the lowest part of the average retiree's retirement income, I have made future royalties a big part of my retirement plan.

My retirement books, including How to Retire Happy, Wild, and Free and my new one called How NOT to Retire BROKE: Prosperity Principles for Creating $250,000 or More for Your Retirement should provide me with a residual retirement income for many more years.

Retirement Income of American Retirees

Truth be told, currently the majority of Americans who live in retirement don't have a lot of retirement income.

Following, according to the 2007 U.S. Census, is the total retirement income for American households age 65 and older:

• Under $5,000 (2.4 percent)
• $5,000 to $9,999 (7.7 percent)
• $10,000 to $14,999 (13.3 percent)
• $15,000 to $19,999 (11.4 percent)
• $20,000 to $24,999 (9.3 percent)
• $25,000 to $34,999 (15 percent)
• $35,000 to $49,999 (13.7 percent)
• $50,000 to $74,999 (11.9 percent)
• $75,000 to $99,999 (6 percent)
• $100,000 and over (9.3 percent)

According to these statistics, about 24.4 percent of Amercian retirees have a retirement income less that $15,000. Interestingly, 44 percent of these retirees have a retirement income of less than $25,000 and 59 percent have a retirement income of less than $35,000 per year.

On the other hand, about 15 percent have retirement incomes greater than $75,000.

Increasing Your and My Retirement Income

A question that arises is: "How can I increase my retirement income."

There are many ways to do this.

With the internet playing such a big part in our lives, unconventional retirees can continue to work for an additional few more years to generate additional income without having to be subjected to a coporate environment where they are chained to their jobs.

There are many areas of retirement work that can be undertaken from the comfort of the unconventional retiree's living room, at a coffee bar with a wireless Internet, or even on a beach by a lake or ocean. All these retirees need is a high-speed internet connection and a reliable laptop!

retirement resource

Perhaps some of these retirees can take up writing and independently publishing books as one of many retirement jobs to pursue in order to generate greater retiremet savings. This is what I have done.

Of course, corporate jobs aren't for everyone. In fact, most unconventional people would rather not work in a corporation and would like to have no corporation involved in their retirment planning.

Luckily for us, some of the best opportunities to earn extra retirement income don't require that we work in an organization all day.

Whether you are a creative person who doesn't want to set aside your creativity just to earn a paycheck, or you are simply looking for work that keeps you active in a fun way, the following ways to earn extra retirement income should excite you.

1. Internet Business Owner
2. Public Speaker
3. Retirement Life Coach
4. Seminar Trainere
5. Creator of E-books
6. Freelance Filmmaker
7. Home-Based Travel Agent
8. Virtual Assistant
9. Tea House or Wine Bar Owner
10. White Water Rafting Outfitter

Check Out:

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Inspirational Retirement Quotes and Money Quotes

for Unconventional Retirees

Money is what you make it. Depending uponwho you are - and your frame of mind - money can be anything you want it to be. Money can be: the root of all evil; or that which answers all things; or something that burns a hole in your pocket; or a means to freedom; or an interesting concept; or even a stupid concept. Whatever value you place on money, you must take responsibility for it. If money is evil to you, you created it being evil. If money is a problem to you, you created it being a problem. If money is joy to you, you created this concept. Take responsibility for your concepts. And be clear that these are just concepts. Nothing more and nothing less.
- from The Lazy Person's Guide to Success

Let's spend all our money to buy cool stuff. Later we can sell it all on eBay to pay for our retirement.
- from Glasbergen cartoon

Money is easy to handle; there are two secrets: the first is spend less than you make. If this doesn't work for you, then the second one is definitely for you: make more than you spend. That's all there is to handling money.

- from The Joy of Not Working

No man is rich whose expenditure exceeds his means; and no one is poor whose Incomings exceed his outgoings.

- Halliburton

Every day I get up and look through the Forbes list of the richest people in America . If I’m not here, I go to work.

- Robert Orben

It's better to be out of money than out of new creative ideas on how to make money.

- Unknown wise person

Money will appear when you are doing the right thing in your life.

- Michael Phillips

Spending a lot of money will get you trapped into thinking you are having a good time when all you are doing is spending a lot of money.

- Unknown wise retired person

As long as I get air conditioning in my cardboard box, I'll be OK [in retirement].
- Barbara Whelehan, Bankrate.com writer

Draw you salary before spending it.

- Artemus Ward

What a lot of things there are a man can do without.

- Socrates

The only reason a great many American families don't own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments.

- Mad magazine