Small Online Business or Penny Pinching Seniors Get to Choose
Retired seniors are discovering that it’s very difficult to save money on a fixed income. Prices on everything keep rising while the income stays the same. Unless you’re independently wealthy upon retirement, you may find yourself cutting coupons and even cutting back on medical prescriptions to save money for essentials such as rent and utilities.
The Social Security Administration announced the cost of living adjustment (COLA) for 2017 is only 0.3%. That means, on average, seniors will get an extra $5.00 per month next year.
The COLA is unfortunately based on younger working adults, in short the cost of gas has gone down for them. The cost of Medicare part B is going up in 2017, wiping out the $5 and more for seniors.
According to the Employee Benefits Research Institute (EBRI) 10% of people over 65 live in poverty. In 1991 50% of seniors retired before age 65, in 2014 that number was cut in half, getting expensive out there folks!
You don’t have to live the rest of your life saving money to make ends meet. With the advent of the Internet, many opportunities are now available that have never been open to you before.
Seniors are learning new technology and taking advantage of free online educational opportunities like tutorials, videos, reports, eBooks, articles, all can be easily found using the search features in your browser.
Alternative to Penny Pinching
Seniors are learning new technology and taking advantage of free online educational opportunities like tutorials, videos, reports, eBooks, articles, all can be easily found using the search features in your browser
Starting your own Internet business can be fun and rewarding – not only from a monetary standpoint, but mentally stimulating as well. Even if you don’t know a great deal about computers, there’s plenty of help (including school classes, books and online tutorials and sites) to boost you along.
If you’re looking for some type of job to keep you active and help supplement your retirement income, you need to look no farther than starting an online business. You can set your own hours and go as far with the business as you desire.
A warning is in order here, do not go in debt to start a business, this is true for everyone and especially true for seniors. Get your business going first find buyers willing to buy what you got a at price that is profitable to you. You can then pay for equipment and inventory from your sales profits.
Most new entrepreneurs worry about the small stuff before they actually have sales. No need for a bank account before you have money to put in it. The IRS is not concerned about your business name, corporation, LLC, partnership, limited partnership, sole proprietorship not until you make a profit, then toe the line.
It’s Hard to Save Enough
With the rising cost of living, it seems that no one is able to save enough to let them completely retire. That means you’re going to have to rethink your plans for retirement. Rather than trying to save enough, you need to start thinking about working after retirement to supplement the retirement income. Most seniors live with fear of outliving their savings, now that a not a very good choice die and have money or live and be spend the rest of your golden years as a pauper. Even if you save a lot, the Fed has brought your interest on savings from over 5% in 2007 to an all time low of about 0% in 2009, and that was your ultimate ace in the hole, supplementing your retirement with all that earned interest…gone down the rabbit hole.
Start Your Online Business Early
If you’re still working, you can begin your Internet business as a part time venture and build it up so that when you do retire, your income from the business can be just the boost you need to keep you from having to look for a job outside the home.
One of the great things about starting an online business is that it takes very little out of pocket money to begin. You just need a computer, know how to use it and you can begin immediately. If you start early, learn, and work consistently, you can create a vibrant online money machine that will supplement your retirement fund for years to come.
It’s disappointing to reach your senior years and have to pinch pennies to make ends meet. You don’t have to let that happen to you if you have the desire and time to research and begin a business of your own based on Internet skills you either already know or can learn.
Begin now exploring various ways you can supplement your income after retirement. Make sure you look into options on the Internet, such as Internet marketing, book publishing and more. You can make the business as successful as you desire and still have time to spoil the grandchildren and take some trips you’ve always dreamed of.