The best retirement plan would be one that provides enough money to take care of you and yours the rest of your lives!
However, if you’re anything like me and weren’t able to save anything through a retirement plan, you may be now wondering something different, that is, “What is the best retirement income plan?”
That’s a very good question and definitely worth a lot of contemplation. After all, you need money to survive in this world, and you can’t work after a certain age…or can you?
A Good Retirement Income Plan!
You need to come up with a good retirement income plan or you may very well be living on nothing more than a tiny bit of cash from Social Security (or other pension funds).
But what is the best one to use? Stick around and I’ll show what I believe is the absolute best retirement income plan ever, that you can implement regardless of your age.
But first, let me throw a few ideas at you. You could…
- Invest your extra cash in stocks and bonds.
- Use real estate.
- Buy up precious metals such as gold or silver (very popular right now).
- Start in a company franchise that will bring you a steady income.
- Create a business that will continually bring you a passive income.
Now, I want to say that each of these is a great plan for retirement and you could probably think of others. However, one of these stands out as the absolute best plan for a stable retirement income.
Invest In The Stock Market
One way to save for your retirement years is to invest in the Stock Market. This is a great way to prepare for your retirement years if you know what you’re doing.
One drawback to this type of plan is that you need sufficient extra income over and above your expenses to invest in the first place. Another negative aspect of this type of plan is that you MAY not end up making money in the stock market, in fact, you may actually LOSE money!
A person really needs to know what they are doing OR who they can trust to guide them if they don’t know about investing. Even then, there is a risk involved at all times.
A nice, positive aspect of this type of plan is the fact that you don’t need so much time like you would for a savings plan.
Now, if you’re a person who knows a lot about this type of investment and is willing to take certain educated risks, this could be a good plan for you! However, this plan doesn’t fit everyone’s needs.
Real Estate Investments
Real Estate is a great way to set yourself up for your retirement years. You could go at it a few different ways.
- You could learn to sell real estate. This, of course, would require a possible learning curve if you have time for that. Once in the profession, you would have some income to save back for retirement (again, if you have the time).
- Another way is to buy properties to rent out for an income. Again, this is if you already have sufficient savings to buy the property in the first place.
- Now, if you don’t have those savings but already have your house paid off, you could borrow on the equity and purchase another property to get you started. If you’re at this level it would take some time to get enough properties purchased to bring in a retirement income but it would work. Of course, you would have to make sure you get good renters, and if you didn’t it could be a real headache but it is a great way to go. Many are doing this nowadays.
- Another way to use the real estate market if you have construction experience is to buy rundown houses cheap, fix the problems, and resell the houses for a profit. This is called flipping houses and many are doing this, too. There are numerous television shows describing this type of business.
Purchase Precious Metals
Yet another awesome way to prepare for retirement is to invest in precious metals like gold and silver. There are also a lot of people doing that these days.
Again, however, “It takes money to make money,” as the old saying goes. If you don’t have money to invest to start with, how can you purchase enough precious metals to make it worth your while during retirement? You’re also taking a slight risk that the metals are truly going to increase in value.
Open A Franchise
Investing in a company franchise such as a sandwich shop or a workout gym is also a possibility but you’re right back to a large investment again. If you don’t have the money to start with it can’t be done.
Even if you DO have the money, it’s can be a lot of work, which is fine if you’re young and have the time. If, on the other hand, you’re already close to retirement this is probably not a viable option for you.
Create A Passive Income
Of all the options listed here, this is the absolute BEST choice of them all!
You may be asking, however, “What’s a passive income?”
A Passive Income is an income that continually flows to you through work done in the past, without the necessity to continue working.
Wikipedia defines it as, “…income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.” (Technically, rental income could be considered in this category but, as mentioned above, it is costly to get started.)
This is different from Active Income which describes most jobs and personal businesses. That is, finished work that nets you pay after finishing it but when you cease to work, you also cease to get paid.
It is also different from Portfolio Income, which is described in most of the examples listed above, such as Stock Market investments, Precious Metal investments, and Royalties.
If you can manage to somehow obtain a Passive Income, you are set for life. Your retirement years could be spent doing minimal work on your projects and spending much more time with your family, without the stress low income brings!
How Do I Make A Passive Income?
One of the best ways to make a passive income these days is to start an online marketing business.
An internet marketing business can bring in what you may need to survive in a relatively short time. It IS a lot of work up front but once you get it all set up it can bring in that passive money you need in your retirement years.
Besides, it’s the next new thing, considering the power of the internet! Amazon is putting the malls out of business as we speak! You could get in on a piece of that action!
How Much Money Can I Make With A Passive Income?
Internet marketing can net you anywhere from enough money to live on all the way up to hundreds of thousands of American dollars per year (for some, even millions). It depends on what you put into it.
How Much Work Is Involved In A Passive Income?
There can be a lot of work up front setting up the business but in a matter of just a few years, sometimes sooner (depending on your abilities), you can have a steady flow of cash coming in.
It’s the perfect retirement income because you only need to MAINTAIN the business after it is built. You would have a lot of free time with sufficient money coming in for the rest of your life once you set up the initial framework.
How Do I Get Started?
I’ll help you as much as possible with information that I will post on this site. After all, the name of this site IS Home Business Startup 101. I’ll try to offer you as much free information as possible to help you get going if you make the decision to start a passive income.
However, one of the best and least expensive training programs on the net to help you start a passive income is my #1 Recommendation. It is where I have learned practically everything I know about this business.
You can actually get started for free for seven days to see if you would like doing it. Take it for a spin and see if you would like the Internet Marketing/Passive Income world. It will give you a good taste of what it would take to get you started.
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Questions? Comments? Contact Me!
If you have any questions or comments about anything on this page, be sure to contact me! I would love to help you or hear your feedback. Just leave your comment in the Comment Section below.
Donnie – Founder of Home Biz Startup 101