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Do You want to Live on Macaroni and Cheese when You Retire or Filet Mignon?
How Much Money Will I Need to Earn to Retire?
This is the most common concern of people who are contemplating retirement. While most financial planners would tell you that you need to earn as much in retirement as you did while you were working, this isn't always the case. Much of this depends on your lifestyle.
If you own your house and it is debt-free, you often need less income than a retiree who is renting.
If you want to travel and see the world, you will need more income.
If you do not plan on leading a very active social life in retirement, often you will need less income.
If you want to set up education trusts for your grandchildren, you will need more income.
If you are flexible enough to consider living in Mexico, you will need less income.
If you plan on working part-time or run a business after you retire, you will need less income.
By the way, I have never met a retiree yet who has told me that they had too much money when they retired!
The big trade-off for saving for retirement is that often you are giving up quality of life now to insure quality of life in the future. I know some people who are so obsessed with saving for the future that they are not really enjoying life in the now moment. On the other hand, I know many more people who are not preparing at all for the future and they may not be living very well at all when they retire.
Excerpted from Transform YOUR Relationship with Money: A Step-by-Step Guide for Financial Empowerment. For more information about this guide, please check out my web site located at http://TransformYourRelationshipWithMoney.com
Bill Austin is a spiritual healer and teacher based in St Petersburg FL. He has assisted hundreds of people around the world in gaining the clarity they need to realize more of their full potential. To find out more about his healing practice, please check out his web site at http://www.HealingHolograms.com
Related Wealth News and Articles From ezinearticles.com
This article discusses two ways to make money online. It discusses affiliate marketing and product creation.
There is a theory saying that only 5% of people possess 90% of the world wealth. We need to learn how to become that 5% people.
We all battle with exchanging dollars for hours. Either we work a job and give up our free hours during the day, or night, or we employ others who we have to control like hawks, or we put it all in the stock market and lose it! Passive income is the perfect answer, whereby your presence is not required. The lucky few who enjoy passive income neither work, nor worry about tomorrow.
Everyone wants to be financially secure, but finding the road to that security is a completely different story. Although very seldom is it done, real wealth can be created by putting away money from your 9 to 5 job everyday. The truly wealthy people out there have found many different ways to secure their wealth.
This is going to sound like an obvious statement, but in order to create more wealth, you have to bring more money in every single month. It is funny how few people really work at doing this. You see, many people would like to have all of the things that go along with being wealthy. The vacations, the house and the cars, and the comfort that you can have from having a large amount of wealth. Yet, very few people really actually work to bring in more money into their lives each and every month.
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