Social Security has not been adequately funded for years, and there is no plan to fix it. This presents a difficult situation for the next generation of retirees – how can they be prepared financially when they can’t rely on social security?
Lower Your Mortgage Payment
The biggest monthly expense cutting into retirement savings is typically a mortgage payment. Some options to decrease your mortgage and increase your retirement fund are downsizing, renting out part of your home, or refinancing.
Invest the Surplus
The first way to increase the monthly surplus is to cut expenses. Would-be retirees looking to pad their retirement savings need to consider all the things they spend their money on each and every month. Then, make an informed choice as to whether or not they need it.
Build Multiple Passive Income Streams
Even in its heyday, Social Security was only intended as a minor supplement to your other retirement income. It’s up to you to create diverse income streams for yourself in retirement.
Start An Online Business
These online businesses include blogging, starting an online Newsletter, niche sites, FBA, drop shipping, etc. They are all legitimate types of businesses that you can start and scale overtime to set yourself up with many streams of passive income to achieve financial independence and ultimately be able to retire stress-free.
Side Hustle With Your Talent
Retirement age can be a scary thing to be approaching for a lot of people in the US as Social Security is rapidly running out of money. If you find yourself close to retirement and not sure if you are quite there yet you should consider using your current talents to start a side hustle.
Build Your Own Passive Income Stream
Let’s face it, you can’t rely on the government to take care of you when you are retired. You have to take control of your life and look after yourself. The easiest way to do that is to build a passive income stream through the equity market.
Start Saving Now
When it comes to saving for your future, time is your best friend. So the sooner you start saving, the less you have to save thanks to compound interest and the more your savings will grow.
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