This category spans two important buckets …
Bucket #1 – Retirement Savings
Have you sharpened your pencil to calculate how much you’ll need to save for retirement?
- Only 39% of Boomers have tried to figure out retirement savings needs
- Only 54% of Boomers have retirement savings
- Only one-third of the Boomers with retirement savings have $250,000 or more
- Gen X is feeling the money pinch, too. 43% say they’re behind on saving for retirement.
REALITY CHECK: If you’re age 55+ and still woefully behind on retirement savings, launching a business might not be the best path for you.
Yep, you heard that right. If you’re scrambling for a Hail Mary pass to make up for a lifetime of savings procrastination, your income urgency could be a deterrent.
With that said, we’re sharing insights from experts regularly to help you better navigate this money maze. Mileage will vary and there are no guarantees, but we’re curating stories about others who have successfully launched one more viable income stream (sometimes as a side-hustle, while they were still employed) to help fund this next life stage.
By the way, we’re big fans of the side hustle.
Bucket #2: Business Start-Up & Operating Expenses
Now for the good news – with the explosion of digital media and entrepreneurship, the cost of entry for freelancers has dipped sharply. There are quite a few businesses you can launch from home with less than $500 in start-up capital.
Keep in mind, as a freelancer, there are tax breaks now open to you, but you need to understand what’s allowable and what’s not. Anything less and Uncle Sam will come knocking at your door.
Our mission is to help you do a better job of calculating what you’ll need to launch, plus share tips to better manage cash flow to protect more of what you earn with this freelance gig.
Want to keep up to speed on both money buckets? Join the Retirepreneur community today … it’s free and it’s awesome …