What is your retirement income planning strategy?
That question is important because simply saving money for retirement as recommended by many conventional retirement planning experts is usually not enough to finance your entire retirement life.
Yes, you can establish a retirement budget which you follow strictly to ensure your retirement savings last for a decade or more.
But the truth is . . . most employees do not have enough saved up at the time of retirement to last them for as much as 15 years after retirement.
Many retirees get to live another 20 to 35 years after they retire.
Consequently, if you desire financial independence during your retirement life, you must work smart to ensure you establish at least one alternative income source that will provide you additional income after retirement.
Even if you live in a developed country where pension payment is regular and dependable, the size of your pension payment may be less than 25 percent of what you used to earn when you were in paid employment.
In addition, many retirees discover that many unplanned expenses crop up during their retirement years . . . bills they may not have budgeted for but which they must pay to maintain a healthy retirement.
You must create what many employees refer to as a PLAN B.
"Plan B" is an alternative income generating system whose purpose is to provide a steady flow of income to you after retirement.
This additional income source will serve as a "life saver" if you lose your job prematurely or as additional income source when you retire from you day job after 30 to 40years of active service.
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Retirement income planning should be at the heart of any retirement planning strategy.
The reason is simple: You need money to execute all of the wonder ideas you have for your retirement life.
Want to travel the world after retirement?
You need a substantial amount of money to make that happen.
Want a retirement life where you don't have to worry about money ever again?
For that to happen, you must have a good number of investments that generate long-term passive income . . . income that comes in every month and every year without you needing to lift a finger or do anything substantial to make it happen.
Since money (or the lack of it) determines how prosperous your retirement will be, we recommend a four prong approach to retirement income planning:
1. Adopt aggressive retirement saving plans. Set aside minimum of 20 percent of your salary every month towards investing in your retirement.
2. Invest part of your retirement savings in dead cheap investment property and farmland
3. Invest in rental properties with steady monthly cash flow
4. Launch a business that has the potential to generate guaranteed retirement income for you before and after you retire.
Use the four steps above to invest your retirement savings aggressively in multiple sources of income while still in paid employment.
The steady returns from those retirement investments will provide a steady income for you during your retirement life.
Yes, wealth creates more wealth.
Use the earnings from your salary while in paid employment to create wealth for yourself during retirement.
That is the secret to a prosperous and happy retirement life.
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