How to Have Insurance for a Comfortable Retirement Beyond Social Security

When crafting your retirement plan, it may benefit you to look beyond savings and social security and consider generating new income from home. Starting a home business either before you retire or as a post-retirement occupation provides insurance against losses that may otherwise affect your quality of life.

Fluctuating markets, falling real estate prices, losing savings to a health emergency, and other unforeseen and uncontrollable events can have a disastrous effect on a fixed income based on Social Security and payouts from investments.

Once upon a time, people worked for twenty or thirty years, then received a pension that supported them throughout their retirement.

Once upon a time, the cost of medical care was not as significant an issue for the elderly.

That was once upon a time, but things have changed.

Social Security payments don't cover the cost of living these days; a supplemental income of some kind is a necessity.

Chances are you are at least partially depending upon payouts from investments to finance your retirement, but in the current market some of those investments may not pay out as well as was expected.

Investing in real estate may once have seemed like a sensible alternative to investments in the stock market, but due to the sub-prime mortgage crisis, real estate property values are falling.

Furthermore, with advances in medical care keeping people healthy and active for longer periods after retirement; your investments may have to last longer and cover more expenses than you originally expected.

It may sound funny, but the best way to insure that you have an income is to generate income. Taking a second job, either after retirement or as a way to generate savings before retirement, is a top recommendation of many financial advisers--especially if you don't have a significant savings on hand by age fifty.

A sound retirement strategy means building savings and investments, paying off debts as quickly as possible-especially high-interest unsecured debt-and ensuring your continued standard of living by considering the new expenses incurred in old age, including medical care and assisted living.

Starting a home business before retirement allows you to allocate all of the income from your home office to accomplishing these goals. After retirement, running a home business keeps you active and engaged while providing the reassurance of continued financial security for the rest of your life. As home-based business opportunities continue to grow, more of us will consider starting a home business as a necessary component of a secure retirement.

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