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Top Home Businesses: Financial Security at Retirement Age.

By: Mike Muir

It has become increasingly common for people to change jobs and even careers several times before reaching retirement age. This may erode financial resources intended for retirement funding.

For better or for worse, the world of business keeps evolving and changing, and the old concept of unswerving loyalty between employer and employees has largely faded into history. There have always been good and bad times, but it is quite common today for an individual to have been retrenched several times before reaching retirement age.

Some may be tempted to use this available cash unwisely! Responsible employers provide counselling for retrenchees, aimed at assisting them to make wise use of their retrenchment packages, but individual circumstances may dictate otherwise.

Worldwide, ratios of personal savings are declining, and not many ordinary folk are able to have saved about a year's earnings, to tide them over a sudden period of unemployment. Keeping the family housed and educated must continue, even while there's no income.

The end result is that many people find themselves at or approaching retirement age, without the old-fashioned security of a pension fund and medical insurance. Where countries provide social security, this is increasingly under threat from rising costs and increased life expectancies.

Financial experts have seen the risk to companies of providing guaranteed pensions for employees for all these reasons, and thus the Provident-Fund was conceived. It all to logical to give employees responsibility for their own financial security, but this can easily lead to losses in the hands of the inexperienced.. Even the smartest experts get it wrong, and poor investment decisions can destroy lifetime savings in a frighteningly short period.

What all of this says is that the probability of one being financially independent at retirement age is less than ten percent in today's terms. A sobering thought! Another plan needs to be made, and perhaps the supplementary income from one of the top home businesses available might make all the difference.

The secret is to plan for the unexpected, or is it the inevitable? Most of us try to save for our old age, but steeply rising costs make this extremely difficult, if not impossible for the majority of people.

It's well worth thinking about getting an online home business started, part-time initially, to build up a second income. Your start-up costs are minimal, and if you can get it established well before you retire, you'll be able to supplement your retirement income, and be able to devote more time to it once you've actually retired. Now's the time to make a decision and get started



Article Source: http://www.rightbiz.com

About the author: Mike Muir owns www.mikeshomebiz.com He goal is to share his personal experiences with you, in the hope that this may assist you in making your own choices in setting up your own version of the top home businesses out there. You are welcome to visit his blog at: www.mikeshomebiz.com/blog for more articles of interest.

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