| This question is on the mind of millions of baby | | | | boomers, it is way too late to look at setting up an |
| boomers approaching the normal age for retirement. | | | | annuity. Here is what I actually mean. Before one can |
| Sadly, the answer will be no unless they come up | | | | retire, one must sit down and determine an actual |
| with something quickly. Financial planners have been | | | | budget that will apply when they stop working. From |
| telling boomers for years that they need to save for | | | | that budget, they need to subtract their income. |
| retirement. This has often been a case of "easier said | | | | Income will include Social Security, pension income |
| than done." Baby boomers are one of the best | | | | and interest from savings, 401K plans or whatever. If |
| educated and most successful generations of all time. | | | | income is less than the budget, the amount left over |
| However, we have been notorious for spending, not | | | | is what a retiree will need to supplement his or her |
| saving. There is a reason that we have been called | | | | retirement income. |
| the "now generation." Our philosophy has been that | | | | There are several ways to supplement retirement |
| we want things and we want them now. | | | | income but one needs to take action. The two most |
| Financial planners told us that we needed 70% of our | | | | common solutions are to obtain a part time job or |
| income when we retired. That didn't seem like it | | | | start a business, most likely an online business |
| would be too difficult. We just assumed that things | | | | because one can do so with minimal start up cost. |
| would work themselves out. | | | | The best way to do this is to begin while you are still |
| I operate a blog about how to supplement | | | | working. I have personally set up about 40 websites |
| retirement income. People assume that I am talking | | | | and blogs that are earning money. I will be retiring |
| about some type of an annuity plan, in other words, | | | | next year and I want to be prepared. |
| supplemental retirement income. For most baby | | | | |