As we age, one of the things marketers convince us of is that there will always be enough. Enough money, enough food, enough friends, enough work when we wanted it, enough leisure time, and the wherewithal to enjoy them.
But, for many that is not the reality. Rather than “Freedom 55,” most people I speak with are working on a “Freedom 95” plan. In other words, they will be working forever.
I’ve read stories about long-term employees facing the prospect of subsisting on annual pensions that will never increase to meet the rising cost of living.
According to David Dodge, the former governor of the Bank of Canada, Canadians who wish to retire at age 65 with 70 per cent of their working income, will need to save from 10 to 21 per cent of their pre-tax earnings every year – if they save for 35 years! Fine, if you are 30, but what about those who are 55 or 60?
Notice the faces of people in the workforce, and you’ll see not 20-somethings but 60-somethings.
One solution a number of my friends have adopted is the concept of multiple streams of income, where they earn extra income in addition to their 9-to-5 jobs.
A close friend recently decided to share her love of fashion by selling a line of clothing at home parties. Others find pleasure and extra income by selling nutrition, skin care or health care products. I have always believed in the concept of network marketing and multiple income streams.
As options for traditional income start to recede and nest eggs shrink, consider turning your passion into a source of income. Look around, the possibilities are endless.
Additionally, new opportunities keep your mind active and bring new, younger friends and acquaintances into your life (more about this next month).
SEPTEMBER 2012 SENIOR LIVING MAGAZINE
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