Will I have enough retirement income? It’s a fear that often appears when you begin to plan out your retirement in earnest.
The realization that their retirement income might not be adequate is also the point where many people stop planning, run for the cover of their job and stop thinking those crazy thoughts of retiring.
They do this because it is easy, comfortable and it immediately relieves the fear of a retirement income shortfall – but it also puts you in extreme danger.
Not being honest with yourself can lead to an unscheduled or abrupt need to plan out your retirement activities at the same time you are experiencing your outplacement. By that point, you’ve lost control of your retirement and guess what? You now have to unexpectedly adjust to not having a retirement income!
Retirement income strategy tips
When considering retirement income, start off with these 2 proven strategies:
- Plan for your transition. Decide what you want to do with your time and how much you will need financially to live on.
- Choose a job that satisfies you. Give this serious thought. Don’t go for the low hanging fruit of what you know because “I have to do it in order to survive”. Rather, choose your next vocation to be one that gives you joy, happiness and satisfaction.
Remember, this is not the first time a lack of income has crept into your life. I’m sure you’ve been laid off or even fired for one reason or another before. Was it catastrophic? Yes, at the time but then what happened? You got up after your mourning period and found a new income stream.
So why is this time different? Because you FEAR the discrimination of ageism: “Once I’m past 55 no one wants me.” Who decided that? Those snotty Millennials? The kids in the workforce we raised and have turned on us and cast us aside?
Stop it. Grab ahold of yourself. If you want or need to be employed decide where you want to work and what you want to do. Once that is decided, put together a compelling business case as to why a company should hire you.
Remember, unemployment right now is at record lows. All you hear from businesses today is that they can’t find good people!! Heh, how about you, with all that experience and a real desire to keep working? Aren’t you one of those good people? Seek out that life you want to lead. Start networking your way to become connected again.
And even if the economy recedes for a while, find professions that are recession resistant. If you don’t have the education for one of those recession-resistant jobs but it really appeals to you, go back to school. Didn’t you already do that once before?
This next life is about new beginnings just like when you were in your early 20s. But this time, you have the wisdom of how to go about it. The biggest thing that modern elders do that keep them stuck in neutral is they stop having faith in themselves, in society and in humanity. They avoid rather than seek.
Stop panicking!
Just sit down and remember how you did it last time, adjust a few things to this modern age, and seek the path that will get you there to the retirement income you desire. It IS out there for you—just grab it!!
Don’t give up on achieving the retirement income you need
If your retirement goals feel like they’re slipping further away with each passing moment, don’t despair! All you need is some extra support and guidance to finally make the retirement lifestyle of your dreams your achievable reality.
About Bob Foley
Bob Foley is your Retirement Lifestyle Coach and you can reach him by email at bob@retirementlifestylecoach.com or simply by scheduling time on his calendar.
