2 Pronged Plan to Increase your Retirement Funds

These days, a lot of people approaching retirement are finding themselves not quite where they expected to be. I know that from experience. It's a painful realization to reach or approach retirement with the sudden revelation that you will not have enough funds to live off of. So what is a baby boomer or senior to do? Here is a two pronged approach to making sure you have enough money to actually retire on.

Start a Home Based Business

For most seniors and baby boomers, it's probably too late for them to start a new 'conventional' business from scratch. There isn't enough time (or energy) to do the work necessary and take on the risk of starting a conventional business. However, a home based business with a good network marketing company is a different matter.

A good network marketing home business will have a low cost of entry. It will also offer an opportunity for a senior or baby boomer to build a real business in just a few years (or shorter). A business that provides residual income that will keep coming in well into our senior years.

Another aspect of a network marketing home business is that you don't have to work it full time (like you would a job - assuming you can find a job). You can work it on your schedule - part time or full time; whichever makes sense for you. This will help you with the second point in this article.

Delay Claiming your Social Security Retirement Checks

Did you know that the longer you wait to claim your SSA benefits, the more you will receive? As you may know, you can begin claiming benefits starting at age 62. But if you wait until you reach the age of 70, your monthly check will increase substantially. SSA retirement benefits are based on the amount you earned as an employee during your life. But it's the same for everyone - wait and you get more.

For example, what if you can claim $1000 per month at age 62? If you wait until age 70, that monthly amount will be 76% higher - in this example $1760 per month. Isn't that worth the wait?

Since you have a part time business in this two pronged approach, you can support yourself longer after age 65. And since the network marketing home business offers residual income, you can have retirement incoming coming in from more than once source.

So if you are looking for a way to make a comfortable income into your 60's and 70's, consider this two pronged approach.