Thursday, May 28, 2009
A big focus on this site has been the need to seek out ways to supplement income during retirement in order to relieve the burden placed on the portfolio. For people willing to spend some time being creative and laying some ground work early on there are many ways to achieve this in such a way that fits any given situation.
I mentioned the other day that Joellyn went up to the Best Friends Animal Sanctuary with a couple of her dog-lady friends. Sticking only to the pertinent details a friend a friend of Joellyn's is in her mid-60s and does copy-writing for the sanctuary. She lives up near the sanctuary but is moving, coincidentally, to Prescott and can continue to do the job via telecommute.
Presumably she has some knowledge of animals and writing which makes this a good fit for her. Not knowing this person at all it is safe to assume that she will be able to do the work for quite a while. Obviously it doesn't pay $10,000 a month but it does provide benefits so it putting this in your terms how much would you need to make to relieve your portfolio's burden? And how much more would that be worth in exchange for benefits?
If something that was in your wheelhouse (you can do it and enjoy it) paid just $10 per hour for 25 hours a week and your portfolio need was $4000-$5000 per month then I would submit that the $1000 in this example would be huge. Even if you needed $10,000 a month the job in this example is helpful.
Depending on what you read about social security, potential stock market returns and any other related topics it would be very easy to get disillusioned by the whole thing. This may a personality thing but we are all going to have to address this in our own lives (or maybe you already are). As there is no avoiding it I think it is more useful to view it as a problem to be solved--a challenge of sorts. Hearing or reading positive stories is encouraging as is, I believe, trying to proactively take the bull by the horns.
The picture is of a barn on the Best Friends property built by Disney for a movie.