Attention all you Baby Boomers out there, getting ready to retire! As you have probably figured out by now, retirement isn’t looking particularly rosy for most of you right now. How financially prepared are you as you face your own retirement? Were you relying on the equity in your house to get you through? Did you lose a small fortune from your 401K when the stock market tanked? You have worked hard all of your lives. Isn’t it now time for you to work smart during your retirement? Enjoy the retirement you have earned, but supplement your income to get the most out of your retirement. Baby Boomers: work smart, not hard-create residual income for your retirement.You’ve probably all read the statistics about Baby Boomers who are perched on the edge of retirement:Approximately 36 percent of Americans state they haven’t contributed anything to their retirement savings.
Because “traditional” pension plans have disappeared over the past 30 years, only about 15 percent of all Baby Boomers have a pension.
According to one study, approximately 30 percent of Baby Boomers in their 60′s have over 80 percent of their 401K funds in equities. How much money did your 401K lose when the stock market tanked?
25 percent of Baby Boomers have stated that they have put off or postponed their retirement plans.
35 percent of Americans who are already of the age of 65 are relying on Social Security payments as their sole “retirement plan.”These are some scary statistics, so it may be time to start thinking outside the box when it comes to your retirement. Many people are looking into careers after retirement to supplement the income they currently have. But, how hard to you want to work during your “retirement years?” Baby Boomers, it’s time for you to work smart, not hard and create residual income for your retirement. What is residual or “passive” income? Residual, or passive income is a type of income that once it is in place, requires no further input from the person receiving that income. For example, rental income and online advertising revenue are both types of residual income. Sounds like the classic example of how to work smart, not hard!Now that you know what residual income is, you can begin to create residual income for your retirement. So what are the options? Well, if you have the ability, you can invest in properties, and become a landlord. But, this takes a huge chunk of money, that you probably don’t have right now. Since you are retiring, you’re going to have some time on your hands, so maybe you can write a best-selling book and just live off the royalties, or more practically, you could learn how to make money online. The trend toward making money online has exploded for a reason. There is so much money to be made online if you just know how to create your own money machine! Internet marketing is a great way to accomplish this. Baby Boomers, if you want to work smart, not hard you need to create residual income for your retirement, and working online can help you do exactly this.