Sunday, August 12, 2018
Looking to add some much-needed income to your retirement savings Now you have left the workforce, Here are some examples:
Originally published in Rebootology
Carol Merchasin, an author and former law firm partner in Philadelphia, now livies with her husband in San Miguel de Allende, Mexico.
"My husband and I boosted our retirement income by leveraging what we did before we retired into less stressful and more part time employment that doesn't require being in an office or even in a particular place," Merchasin says. "When I left my law firm, I continued doing training but only as an independent contractor, often doing webcasts from Mexico. Now, ten years later, at almost 70 years old, I still do webcasts and I develop and audit training programs. All from wherever I want to be."
Merchasin also published a book on Mexico called This is Mexico: Tales of Culture and Other Complications and does speaking engagements on Mexican culture from a U.S. expatriate perspective. Her husband, also a lawyer, invested in a small property with three apartments that he now rents out to short term visitors to San Miguel. "Our long term strategy has been to support ourselves without touching our nest egg until we were 70, but we are still keeping with that strategy for a few more years," she says. "Boosting retirement income for us has meant not taking anything out and allowing it to grow as long as we're still able to work comfortably at our own pace."
Financial experts say that Merchasin is on to something, and that, since retirees may not be saving enough for retirement, they should seek extra income while they're in retirement. "Living comfortably in retirement isn't so much about how much money you have, but more importantly what counts is having a solid cash flow plan in place that includes a very clear income and distribution strategy, says Gary Plessl, who co-authored The Book on Retirement.
As of 2013, the median retirement account balance among all households ages 55 to 64 was only $US14,500.I
f you're in the same leaky boat, consider being part of Rebootology, and see how you can earn extra income in retirement,
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