Home-Based Business May be the Key to Your Financial Future

Filed under: Financial Fitness

Withdrawing Savings Account Funds ConceptsAre you prepared for retirement? Have you even begun to think about it? If you’re like nearly one-third of American households, you have saved virtually nothing for your future*. Or perhaps you belong to the 57 percent of households who have saved less than $25,000 for retirement. At least you’re trying to save, but at that rate you have a long way to go.

With Americans living longer life spans than ever, most of us can expect to live 20 or 30 years into our retirements. That’s a long time to live off of a meager Social Security check and whatever savings you manage to pull together! About two-thirds of current workers say that they plan to work at least part-time once they reach their retirement years. But considering that only 23 percent of current retirees have ever worked after retirement, there is a clear disparity between plans and reality.

The truth is, none of us know what the future holds. Health problems can force us into an early retirement, or prevent part-time work once we have retired. Failing to save for retirement now is a huge risk that can later backfire in a big way.

But what are you to do, if you simply don’t have extra money in your budget? It can feel insulting to be told you should cut back on luxuries in favor of saving for retirement, when you’re indulging in very few or zero luxuries in the first place!

Yet, if you could manage to save just 25 dollars per week for retirement, that would amount to 1,300 dollars per year. Add in compounding interest over a decade or two, and now you would have the makings of a much healthier retirement.

For many families, a home-based business is the solution. Even the most modest home business can net a few hundred extra dollars per month, helping the household pay down debt or cover unexpected expenses like car repairs. Most importantly, the extra income can help you save for retirement, so that you never have to worry about outliving your money.

The average retiree finds it difficult to live on Social Security alone, and you can’t count on working forever. So if you haven’t begun a retirement savings yet, or if your savings account is not as robust as you would prefer, a home-based business might be the solution for you. Get started today, so that you can build a better life tomorrow.

*Employee Benefit Research Institute

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