The key to achieving an active, satisfying and happy retirement involves more than having adequate savings. It also entails interesting leisure activities, creative pursuits and mental and physical well-being.
Reports of Americans being unprepared for retirement have become so widespread that it no longer seems to elicit any emotional response.
This is an important distinction to make, that insufficient retirement savings could be more a function of conscious decisions made in the past than a failure to behave responsibly.Surprising spending truths could upend your retirementFurthermore, saving for retirement is not as easy as advertised. After all, anyone taking withdrawals during the 2008 housing crisis would have a dramatically different outcome than investors who retired in 2009 and lived off market returns in the beginning of retirement. Volatility matters. This would suggest that you need $2,000,000 saved to generate $100,000 in annual income.
Fortunately, there are a number of viable solutions that might address any financial shortfall, including working part-time at something related to your profession. A teacher, for example, might begin a tutoring service and accumulate innovative metrics that validates his or her approach. A scientist may decide to teach an online class at a community college two days a week.
During the planning phase, you have time to complete any license requirements and build relationships with business owners and centers of influence. Some of us may even consider moving to a state with a lower cost of living. Perhaps renting out and depreciating your residence in a high-cost state subsidizes the mortgage in one with lower income taxes; sometimes it just takes a little imagination.
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