Ahh retirement! That time in our lives most of us look forward to. We’ve busted our buns working our whole lives. A few more years and we can sit back and enjoy the fruits of our labour. Take the vacations, spend more time at the cottage, not have to go out in the snow and cold if we don’t want to!
We worked at the dreaded fast food places as teenagers. We graduated school and found a job to pay the bills. A lot of us stopped there! There was no money for schooling to become and expert in a high-paying job. Some stayed at the same job our whole lives with the idea that the retirement package would be worth it. Certainly a 25 year pension and the CPP we paid into for all those years would be enough to retire on.
No I’m not going to get into CPP and how the government has spent all our money! That’s getting far too political for my site!
But somehow, in as much as we thought we were planning ahead, the closer the time comes, the more we worry. This is supposed to be the time we enjoy, the time that makes it all worth while. And yet, it has turned dark and stressful for many.
Now as I always do when researching an article, I use my trusty Jaaxy keyword tool to find out exactly what questions people have and what answers they are looking for. ANSWER: everyone wants to find out how much they will need or if they already have enough to last them through retirement.
Free retirement fund calculators were popping up everywhere, so I decided to try one. This was actually kind of funny and depressing all at the same time. I chose the Sunlife Retirement Calculator and told it I wanted to retire in 10 years and that I earn $30,000 annually before taxes. Then it asked for savings info hahahahaha zero! So below is the good news…..
And that’s not all…..
I only have to put away $676 per month for the next 10 years to be able to retire!!!! Guess I’ll be working a LONG time!!
This is just a guess, but I’m thinking that if I had $676 extra every month to put away, I’d probably already be retired!
The rule of thumb is that your retirement income should be 60 – 80% of your regular yearly income. So using the $30,000, that would be $18,000 – $24,000 per year.
I’m in Canada, so the maximum Canada Pension Plan payout at 65 years of age is $1134/mth. So even if you were to qualify for the maximum, that would give you $13,608/yr. Still a long ways from your required amount. And if we look at the average payout amount of $642/mth, the yearly would be a mere $7,704.
What Have We Learned So Far?
- there are tools to help us
- we need to start using them when we’re 20
- government pension plans are not enough
- We NEED to take control of our retirement
What Should I Be Doing Different?
I think what the calculators are trying to tell us, is that we need to make retirement planning as important as how we will pay our monthly bills. In as much as it’s never too late to start, starting at a younger age is definitely advisable and something we should pass on to our kids and grandkids.
At this point in our lives, obviously the monthly savings amount required to get us there is not going to be feasible for most. We need to start looking at ways to keep income flowing beyong our retirement from our day to day jobs.
Here are some suggestions I was able to come up with that may continue to earn your money
- renting out a room or basement in your home
- offer driving services to shopping or doctors appointments
- join and participate in focus groups or surveys
- become a consultant in the area of your previous job
- offer to teach classes at a school or community center
- make money online as a freelancer, blogger, selling
What I Can Offer
One of the things I have chosen to do to create an income for myself into retirement, is affiliate marketing. I did a lot of research and passed by a lot of scams before I found a REAL opportunity. The opportunity I’m referring to is Wealthy Affiliate. It is an affiliate platform created to teach people how to work online. Whether you want to have a website selling your own products, a blog website on a topic you are well versed in, or an affilaite for someone elses product, Wealthy Affilaite can teach you how to do it.
Not only will it keep you sharp and learning but you can earn some money doing it. Please don’t misunderstand. This is not a get rich quick scheme. This is a job, but one you choose based around something you enjoy doing. You will only get out, what you put in. There is also a great community of members that are a big part of it and who become “friends” from all over the world.
I personally have enjoyed every moment I have spent online with Wealthy Affiliate and definitely recommend that you check into it. It is absolutely free to do so. If you like what you see, you can purchase a premium membership for $49US per month or $359US for a year. I chose to do so and haven’t looked back. I can now see a much brighter retirement!
I hope some of this has helped and encourage you to leave your questions or comments below. If you would like to have a peak at Wealthy Affiliate for FREE, click on the link below.
Here’s to RETIREMENT!!