As we approach retirement age, the burning question is, “How much money do I need to retire.” The question is actually, “How do I keep enough money coming in to be comfortable in my retirement.” Much of that question goes to what, to you, it a comfortable retirement.

How much do I need to retire at home?

If you want to retire at home, you will need less money (likely) than you needed while you were raising kids or working because you will not have to commute to work or feed other mouths. Often your house is paid off and after 65, many places (especially in Texas) will not turn you out for failing to pay your property taxes. There are also “reverse mortgages” where you get payments from a finance company while you yet live in your home so that at the end of the note the finance company owns the house. For these reasons, although you will need significant money in investments to live off the interest or dividends, it is not as much as it would be if you retire too young.

How do I calculate how much I need to retire?

To see how much you need invested to realize a certain amount of interest payment, take your APY and divide the amount of money you want by that figure. Here is how it is done: if you want $15,000 (it could be pounds sterling or euros, the number is the important thing) per year, if you can reasonably expect an APY of 4%, your calculation will be 15000/.04=375000. Can you save that much? Inflation and devaluation of currency will eat into this and what if something happens to the investment itself? In some countries, the government has been ripping off private retirement funds.

Do you really want to retire or just quit working for each dollar you get?

I want to work on your mindset a little bit. You are more likely to die of loneliness and feeling useless if you put yourself out to pasture and feel unneeded by anyone. You will live a longer happier life if you stay plugged in and interact with the world. I propose you use your life experience and knowledge to start making money for you.

How do I turn my life into a money maker?

I promised you 3 ways to get all the money you need to retire. This is the part where I deliver on that promise. One caveat - your success depends on your efforts, teachability, and patience. Just like any other legitimate business, you can fail, but generally only if you quit. It's okay to get frustrated, just keep on trying.

Method 1

What did you used to do? Did you gain a skill that sets you apart somehow? Even if you think the answer is ‘no,’ you have an unique voice that will relate to someone better than anyone else. Here is how you use that: find a merchant who is offering products or services you know something about or are interested in. Write articles about the subject, providing some information that solves a potential customer’s problem and directing them directly or indirectly to the chosen merchant so they can buy or subscribe and take care of their problem. The merchant will pay you when they do. This is called Article Marketing. This is one method.

Method 2

If you have some money to invest, you can write short ads and pay for each time a potential customer clicks through to see sales promotion. If they buy, you get commission. Your search phrase you choose for your short ad will determine whether those who click through are curious or ready to buy. If the vast majority of clicks are from curious people, not ready to buy, you can lose money at it. If you don’t budget all you are willing to lose per day, you can lose a lot of money fast. It is a quick and easy way to make money and lose money. If you get good training and preparation you can minimize your losses, and I do recommend you do get the training first.

Method 3

Remember where I asked if you have a knowledge that sets you apart? This can also apply to a hobby that produces something many would like to buy. I heard about a guy that enjoyed building go-karts that were extraordinarily fast. He found he could sell those for a lot of money each and market them over the Internet. You can market e-books if you produce them with good, useful information that people want. You can then market these books or your hobby using affiliate marketers. That way you have a deep pool of marketers that want nothing more than a commission, fee, or percentage of the sale for their efforts.

Bonus Method

You can write for people and companies that need writing done. You can get assignments and the more you do and the more you establish yourself, the more you can make. I have reviewed three different sites that pay you to write. Each has its own offer to you, so I recommend you see if one is a fit. You can use it as a source for uncommitted money if that suits you. I hope this is helpful also.

I hope this has prepared you better for your retirement time. Your golden years should not be years of privation and pain when there is an alternative. The world needs what you have to offer and would benefit from your voice. For all our sakes, don’t put yourself out to pasture when we need you in the field.