Well, a lot of us who were already worried about our retirement savings are not getting any more optimistic lately. But I was very interested to see a slightly different take on the issue of declining investment accounts in this article: Saving For Retirement During a Recession.
The approach that WomanWork.net takes is pretty pragmatic, and for many of us it would be good advice during good times or bad times.
- We may have to work a few more years than we thought we would, so try to stay as healthy as possible. The good news is that Americans are living longer and healthier lives than we were, even a decade ago. So we may just have to make up for declining values in our portfolios by adding a few years to our working lives.
- We may have to be creative in raising income. Freelancing work, for instance, is booming. If you can mow a lawn, change a tire, or hem a pair of pants, or cook a meal, you can probably find somebody who will pay you for your services. Don’t laugh at this. I know a guy who makes about $60 a day by mowing lawns for 3 hours. He works 3 hours a day, 3 days a week, and brings in a couple of $200 to supplement his retirement income, plus he says he stays in good shape! Another man bought a carpet cleaning machine, and he finds simple work by cleaning carpets in a couple of apartment complexes. He only charges about $15, since many residents are elderly, but he can complete the job in less than an hour most of the time. He feels good about helping the elderly people, makes an extra $300 a week without straining himself, and enjoys the activity. Another woman I know, who had a back injury so she cannot do physical work, runs errands for busy working couples. Another woman will go into homes and prepare a weeks worth of dinners that can be frozen and re-heated which is a service that some busy moms and dads enjoy.
- I know you are sick of hearing this one, but you may just have to find ways to enjoy your life with less money. Do you really need a 50 inch tv, or would a 26 inch tv do? And while many of us dream of taking cruises or world tours, we can probably find some adventures that are closer to home. Downsize if you can
Anyway, things are tight, and it is scary because many of us in our 50s or 60s have no idea how we can retire. But maybe that is because we haven’t really thought about the problem hard enough.
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