This Is What You Should Do to Make Extra Money for Retirement
Retirement coming your way fast? How’s your bank account looking? According to Bankrate.com, 6 in 10 Americans don’t have enough to cover a $500 emergency bill. And when GoBankingRates asked respondents how much they had socked away for retirement? A third of those surveyed reported they had nothing saved for their golden years. Twenty-three percent had less than $10,000 put away.
photo courtesy of Greenberg Health
If any of this sounds familiar, experts have some suggestions for you. Here are the most prevalent pieces of wisdom on what to do if your savings are short and retirement is just up ahead.
Sell assets at the right time.
Downsizing and selling off assets is advice that retirement planners love to give. But when it comes down to it, timing and doing it right matters.
Simply downsizing from a larger house to a smaller house might not necessarily mean more cash in your pocket. Things like moving fees, commissions to the real estate agent, refurbishing your new place, can all take a huge cut.
If you are considering selling a business, the same kind of caution is called for. US Dental Transitions has been helping dental practitioners with questions like how to sell my dental practice for years. And have come up with a list of questions that – while particular to dentistry – can be adapted for most self-operated businesses.
- When is my target retirement date? Is the day I sell my practice the day I want to lay down the handpiece, or are these two separate dates?
- In what stage is my practice functioning?
- What is my current yearly production? Has it increased or declined in the last 5 years?
- What production centers contribute highest to my revenues?
- How efficient is my cost per patient in terms of time, overhead and revenue?
- Have I maximized hygiene production?
- What is the real percent overhead of the practice?
- What will determine my compensation initially and a year after the sale?
- How transferable is my practice?
- What are the current dental demographics, both nationally and locally? Is it a Buyers’ Market or Sellers’ Market?
Use your fifties wisely.
In Time.com’s retirement column states that your fifties should be considered the final push before your retirement years. The decade and a half before your 65th birthday should be when you save as much as possible, if you haven’t been doing so yet.
Get a consultation to see how much more you need to save for a comfortable retirement. Or use an online calculator to figure out your numbers. Having a goal to work toward can help guide your decisions from here on out.
If you feel your energy flagging for your work, create a detailed list of the ways you will live out your retirement days. Visualize the lifestyle you want and that will help you get through the daily grind.
Consider a new line of work after retirement.
If your 65th birthday is around the river bend, and your savings fall short, the AARP suggests part time work. This is a good solution for those who might not be up to full time work, but who cannot afford to retire fully.
The possibilities of making additional income online and from the comfort of one’s home are plentiful. From teaching opportunities for former teachers, or even for those who have an in-demand skill. Lawyers, and others in a highly technical field may wish to consider becoming a consultant. Or writing articles in their specialty.
Other options for making a tidy sum that are only now possible with today’s sharing economy? If your house is spacious enough, in a good location, and with many empty rooms, you could try letting a room on Airbnb. Others have found driving customers, with Lyft or Uber, to be a great way to make extra money. Take the plunge. It’s never too late to try something new.
Certain fields welcome senior workers for their unique set of skills that they are able to utilize in making people feel comfortable. For example, jobs as a tour guide, sales demonstrator, or a messenger are often open to hiring those in an older age bracket.
As you work toward retirement security, don’t get discouraged if the numbers don’t climb as fast as you would like. Regret over past financial mistakes will get you nowhere. The important part is that you are taking action now. That’s what counts for today.
Author: Ravi Kumarr Gupta
