The Firefighters Way To Make Money

Jim knew that this was his finally call before he would retire, but it was the worst of calls to. A factory fire with the report of multiple people trapped inside of it. Those were never fun and usually ended up with someone getting hurt or killed. However, Jim was retiring the next day so he was going to be extra careful. The problem was that he wanted to make sure that he would be able to make some extra money to make up for the loss of income that he would be having with the retirement.

He knew that the next day he was off and decided that he would take up his friends offer to head over so he could be educated properly on how to make this money. However, he would have to make it through the day first before he could make it over there. Then he would be able to get the advice that he wanted so he could generate that extra money without leaving the comfort of his home.

Thankfully the fire was an easy one to put out and was easy to contain so he would be able to make it to bed early so he could enjoy visiting with his friend the next day. However, when he woke up he was sore, but that was to be expected when you are at his age. When he reached his friends house he must have looked pretty tired because his friend told him to sit down at the computer workstation desk to enjoy learning the new way to generate money.

Jim was not very savvy with the computer and he told his buddy that, but he said it was nothing to worry about because he would be learning the best stock trading strategies. Jim was kind of hesitant and told his friend that. However, they quickly found that they were easy to follow strategies and he told his friend that he would consider it.

The other method that he taught him about was going to be using foreign exchange. This was something that really had Jim puzzled, but by using the best forex indicator. When he found that it was going to be easy to follow plans that he could automate he decided that he would let his friend know if he decided to use that method or not.

Later on in the day Jim decided that he would fire up his old computer and look up the program that his friend told him about. He quickly found it and seen that it was one of the highest rated programs available. He decided that he would spend the money and purchased the program. Then he put some money into the accounts and decided that he would try it out, but he doubted how well it would work.

A month later when Jim turned in his retirement papers he thought he would check on the money that he had invested in the program. He thought that it would show a loss, but instead it ended up showing a tremendous return on his investment. He was rather surprised, but very happy.

One dollar can’t buy as much as it used to – and it’s not just the time span of a few decades that make this true.  Those coming upon their retirement ages are starting to discover that their retirement income won’t stretch as far as they once thought; unfortunately in rare cases, many retirees might not have enough money to comfortably retire at all.  However, we believe that it’s never too late to get your retirement back on track – and sometimes all it takes is knowing what lies ahead for your income.  Here are the biggest expenses you’ll face in your retirement years, and what you can do to meet them without breaking the bank:

Higher Medicare Advantage Costs.  It’s no secret that Medicare isn’t what it used to be – and financial experts are predicting that costs will drastically increase just five to ten years down the road thanks to the strain that the baby boomers are putting on it.  Although Medicare Advantage was developed as an alternative for retirees, you’ll still have to pay a higher premium.  So if you’re considering this as a health insurance option for retirement, make sure you know what your monthly payments will be ahead of time.

Dwindling Social Security Checks. Just like with Medicare, Social Security is quickly becoming depleted thanks to the pressure of the baby boomers.  Those who haven’t saved up enough for retirement and are depending on their Social Security checks to make up the difference will be disappointed to discover that it’s no longer enough.  If you’re counting on your Social Security to see you through retirement, it’s time to fast-track your retirement plans…fast!

New Roth IRA Rules.  One glimmer of hope in the retirement clouds is that you’ll no longer be required to withdraw from your funds once you reach a certain retirement age.  This policy changed when the government realized that these mandatory plans were forcing retirees to cash in their battered retirement savings instead of riding out the recession. 

Inflation.  Thanks to the economic recovery packages that were designed to ease the burden of the recession, the Fed has been printing out more money than ever – and that will inevitably lead to inflation.  Plan on having enough money to see you through rising costs, and you’ll be well on your way towards a long and comfortable retirement.

For more information on smart retirement planning, visit www.kenhimmler.com, the IRA and 401(k) experts! 

What’s in your retirement savings plan?  Though you most likely have income from just one source now, which would be your job, most Americans will have the big “three” retirement income sources after they stop working – Social Security, 401(k) or IRA, and company pension.  However, you are not limited to just these sources of income after you retire from full-time work. 

Many people, when they start planning for retirement, simply begin putting away small sums of money in an interest-bearing retirement account.  However, there are other unique ways you can invest in your retirement.  Here are five that could result in additional streams of retirement income.

1. Annuities

Invest in an annuity, and you can see a guaranteed stream of income for a guaranteed amount of time.  Annuities can be purchased by a lump sum or by investing regular amounts for a period of time.  Larger insurance companies are usually the main sources for obtaining an annuity.

Once you agree to buy into an annuity, the insurance company invests your money and is able to pay you more than you paid over time.  Annuity payments can begin right away or deferred until a certain time, such as retirement.  If ever you are lucky to come into a large amount of money, say by an inheritance, putting all or most of it into an annuity can pay off for your retirement years.

2. Investment property

Want to be a landlord?  There is money to be made by purchasing income-generating property.  Investment properties can be great for those who are still 20 to 30 years from retirement.  You could purchase just one investment property as a rental home, have tenants pay rent that goes toward paying off your mortgage, and by 25 to 30 years, your investment property is paid for in full by your tenants.  Any rental income you have after retirement all goes into your pocket.

Or, another strategy may be to purchase an investment property, pay off the mortgage through rental income for 25 or 30 years, and then sell the home after it has gained much appreciation.  Invest the gains in an annuity as mentioned above, and you’ll have a great stream of retirement income.

3. Stocks

Don’t forget about investing in non-retirement savings.  Investing in growing companies, either publically traded or private corporations, can provide a good regular source of income in the form of dividends.  Though an individual dividend is usually just pennies, if you have purchased thousands of shares in diverse companies over the years, the dividends can add up to become a nice income stream.

4. Royalties

You could also earn royalties from intellectual property in your retirement years.  Write a non-fiction book.  Compose a song.  Any creative endeavor where people buy a license to use your creative invention can result in regular royalty retirement income.

5. Part-time work

Most people look forward to retirement so they don’t have to work at all in their golden years.  However, many folks realize after retirement that they are bored and want to do something with a purpose and that still makes them valuable.  Part-time work can give you a way to keep busy and follow your hobbies and provides another stream of retirement income.

Retirement doesn’t have to be limited to just the usual sources of income.  Be creative and find income streams from sources that are not always traditional.  Don’t forget to talk with a qualified retirement wealth specialist at www.kenhimmler.com or retirement asset management company at www.iamllc.biz to get the best advice you need on planning your retirement income sources.

Authored by Kenneth Himmler, Sr.