This Article is About
retirement
self employment opportunity
financial meltdown
retirement account
retirement funds
nest egg
annual salary
marketing on the internet
income stream
affiliate marketing
residual income
additional income
nice thing
business model
How Much Do I Need To Save For Retirement
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How Much Do I Need to Save for Retirement

I know that I have been wondering how much do I need to save for retirement. So I started looking around to see how bad my retirement situation really is. I won’t go into my details but the bottom line is that I’m way behind in my planning for retirement. I need a serious infusion of funding to make it through my “Golden Years”.

There are many places to identify how much you need to comfortably retire. What I was able to find indicates that I should have 1.2 million dollars saved in my retirement account to have a comfortable retirement and to live off the annuity from this.

One of the ways to capitalize on your funds if you haven’t saved enough is to postpone your retirement. Waiting just 5 years will make a big difference in the amount that is in your retirement account. Assuming that your account has $50,000 when you reach age 65, waiting until you reach age 70 before you retire and taking the last 5 years to maximize your 401K fund and assuming an 8% return on your investments, you will retire with $772,000 and be able to withdraw an annual salary of $72,000/year for the next 20 years.

While these calculations are fine and dandy if you have a nice nest egg, many of us were hurt by the financial meltdown over the last few years. It makes sense to keep working on your retirement funds but putting all of your eggs into that basket may not be the smartest way to fund your retirement.

I’ve found that an additional income stream that can allow you to save more toward your retirement and even fund it if you work at it. The nice thing about this self-employment opportunity is that it generates residual income once you have a few sites built and ranking, this can run unattended once you have set it up.

I’m referring to affiliate marketing on the internet. This is a business model that is very cheap to start. If you aren’t technologically saavy? There is a community of folks at Wealthy Affiliate that are more than willing to help you get started and learn everything you need to know in a safe environment. Will you need to dip into your retirement fund to learn? Fortunately there is no charge to get started and see what this training facility is all about. For the first 7 days, you will even get Premium level support features with the free membership.

After your first week, some of the high level features are suspended but all of the training for the Starter membership is still available. When you have exhausted the Starter Membership and covered all of the tutorials and certification courses, I suspect you too will have the bug and want to upgrade to the Premium level. If you choose not to upgrade to the very affordable paid membership, there will never be pressure for you to upgrade. I think you will see the value in it though.

If your retirement is looking bleak, and your funds are lacking, I highly recommend that you take a look at your earning power and find out if affiliate marketing is a way that you might close the gap. I know that I have chosen this method and am finding it to be a very helpful addition to my portfolio.


Street Talk

Leonardo2  

This is really an eye opener. Quite catchy with the introduction to affiliate marketing...but honestly, taking a look at the individual's financial situation and paying attention to your point about saving for retirement...we really need to look for something we can do worthwhile while young (at least mid-life) and save up for the future...a lot of people are not really prepared to get old but that's the realities of life...i commend your article for this thumbs up!

Reply
  about 7 years ago
  

Thanks Leonardo, Yes, it is scary when your finances and your goals don't meet up when nearing retirement. Failure to plan is planning for failure.

Reply
  about 7 years ago

Very helpful, Craig. Quick question: how much money is being contributed to the 401K each year between the ages of 65 and 70?

Reply
  about 7 years ago
  

That would be the maximum amount allowable.

Reply
  about 7 years ago

It's hard work but will pay off if you stick to it. Good luck to all you WA marketers.

Reply
  about 7 years ago
Dwayne  

Supremely well written article. Keep up the good work!

Reply
  about 7 years ago
RC Stude  

Excellent article, Neil. Your facts are pretty on the money also, almost as if you had just visited the Boglehead forum. Love how ya' gave us all some great hope during the last part of it!

Reply
  about 7 years ago

This is a very well written article. You scared the begeebers out of me, then you smoothly reassured me that I had made the right decision with WA. Applause!

Reply
  about 7 years ago
  

I'm pleased that you have made the decision to join us at WA. I know it has made a big impact on my life. I hope you can say the same.

Reply
  about 7 years ago
Kymee  

Wow this is great! a sobering thought. Thanks for the wake up,I guess lol Now I really need to get going.

Reply
  about 7 years ago
  

You can act like an Ostrich and bury your head in the sand or take control and make the difference that you need to live comfortably for the remainder of your days. You know I'm here for you. Keep at it. You will get there.

Reply
  about 7 years ago

Very smoothly written, Craig! Nice article :)

Reply
  about 7 years ago
  

Thanks Lewis.

Reply
  about 7 years ago

A good article Mr. Hughes.. Retirement these days is not for sissies, and earlier planning, all over the world, seems to have crashed most people nearing retirement, pipe dreams... the melt down has certainly crashed mine and I'm fortunate to have a unique software package that will make up that difference that I need to retire in 3 odd years from now... However there are so many that are just far too short of the figures and their future might just lie in the hands of people like wealthy affiliates... so again I say good article... but just as an idea, you talk of $1.2 million for Americans, we look for R 7 -8 million to make it here... and even that might not make it with present inflationary tendencies...

Reply
  about 7 years ago
  

Thanks Rob, Yes its true, I live in the US and think in dollars. The inflationary differences around the world are staggering to think about. Fortunately, Affiliate Marketing is applicable throughout the world. WA has people from the US, the UK and Europe, Africa, India and even the far east. For some, the income from just one sale can mean that their family eats this week. Others see it as a drop in the bucket.

Reply
  about 7 years ago
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