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A Retirement Job - A Great Way To Stretch Your Retirement Savings
By John V. W. Howe
As a part of your planning, have you thought about a job?
Continued income from a post job can have a very substantial positive impact on your finances.
Let’s do a fast calculation and see the impact of an after job on your finances. Let’s calculate the amount of investment that you need to generate a monthly income of $1,000 per month.
To do this we need to make a few assumptions. Assume the income generation rate of your investments is five percent (5%). Let’s assume that we are not going to take any principle from your investments to do this. This will leave the principle intact for use later after you have stopped working in your job.
The calculation is how much principle is needed to generate $12,000 per year ($1,000 per month). The formula is principle divided by the income interest rate ($12,000/.05 = $240,000). I think you will agree that is a large amount necessary to generate $1,000 of income per month.
However, a thousand dollars per month is not too large an amount to expect to make in a job and just look at the impact that it has on preserving your investment.
Three calculators on the Net that include income from work after in the calculations are the AARP Calculator, the Employee Benefit Research Institute Calculator, and the MSN Calculator. The MSN calculator is especially easy to use and is very visual so you can see the results as you change the variables.
These calculators have a weakness since they ask for the amount of annual income from a job after retirement, but they do not ask for the age when that income will stop. They assume the income will continue until death which may not be accurate. We are all living longer, but most of us will not be working at age 90.
These three calculators are the more realistic calculators on the Net. They help us calculate how much money we will need to retire. However, they do not help us manage our funds after we retire.
Once we retire, the variables involved in calculating finances are greatly reduced. Unless Aunt Bess leaves you an unexpected inheritance in her will, you know what your savings are that have to last your lifetime.
Unless inflation runs
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away during our retirement, the major variables we have to consider are how much we budget to spend each year, the amount we make from our job, and how long we choose to work at that job.
A calculator that will help you plan your after finances can be found at the Jobs Online website (http://www.retirement-jobs-online.com). This calculator will help you determine how long your savings will last under various different situations.
As part of your plan, you can use the Internet and work from home on your own schedule to generate the income that will extend your savings. Use the calculators mentioned above to see the real impact income from a job can make on your finances.
Thousands of people are using the Internet to make a full time living. Why not use it for work and make some money to boot? This will be a nice supplement to your income from your investments and Social Security. And you can have some fun in the process.
I wish you a great and productive retirement. Article Source: http://www.ArticleJoe.com John V. W. Howe is an entrepreneur, author, inventor, patent holder, husband, father, and grandfather. He has been involved in entrepreneurial activities for over 40 years. He founded www.boomer-ezine.com, www.boomer-entrepreneur.com and www.retirement-jobs-online.com to help Boomers (baby boomers) become entrepreneurs when they retire.
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