Will retiring become a thing of the past?
Are those blissful years of being a grey nomad now a thing of the past?
In Australia the age when people can get a government funded pension is being increased to 70 over the coming years.
But even at 70 will people have enough money for retirement ?
This message is not just for baby boomers like me. It is for everyone because eventually we all age.
Is retiring at any time an option in our new economy?
I found this video on my friend Marion Herbertson ‘s website.
The woman shows remarkable courage but this is sad.
My father-in-law died when he was 94, which is a good age but he had been in retirement since his late sixties. I would have hated to see him going out to work at 93!
But the world has changed and for many people they see no hope.
A different option than retiring.
I think there is hope.
The model of retiring is broken and we need a different way.
I share an attractive alternative here in my video.
Apart from the financial crises and economic crashes there was always going to be too many people retiring for them to be supported by the time when baby boomers started to reach retirement age.
There has to be another way.
And another way means each of us being responsible and building a residual income for ourselves.
Residual Income is income that continues to generate after the initial work has been done. It is income that continues to be paid to us month after month.
Some ways you can earn residual income include:
- An author of a book receives ongoing income for sales
- Positively geared rental properties give you a residual income
- Investing in shares or other various investments can result in ongoing income
- Trailing commissions
- Network Marketing income
- Building a subscription based business
There are other ways you can do this but you get the idea.
If you build a business for yourself there will come a time where you do not have to put in so many hours and can outsource tasks.
The idea of building a business while having a life makes perfect sense to me.
Life does not have to be about working in a JOB (perhaps that you do not even like) for 40 years and then retiring.
The retirement age in Australia has been 65. That means if someone lives into their nineties that is a lot of life after work.
Having a business that is location free where you can travel and run it from anywhere in the world as long as there is internet is a very attractive option for me.
If you are concerned that you may not have the money to retire check out this option.
The world has changed and we must all change with it.
Worrying about what has happened will not fix it. Taking action will.
What is your opinion on retiring? Do you think retirement will become a thing of the past? How are you planning for this phase of your life?
If you would like to know more about the business I am in you can check it out here.
Make it a great day.