Your pension plan is at most only a palliative for your impending substantial loss of income once you retire from employment. While still in active service in your company, do not be lulled by the fact that you have a pension plan that you can bank on after you have retired and got your last pay check from employment. I’m sure that you are already aware of it but it is good to remind you why your pension plan will be insufficient once you exit the regular workforce:
Upon reaching retirement age and beyond, expect that your medical expenses will go higher and higher. It’s but natural to expect that. Just like the engine of an old car, your body will be overtaken by natural wear and tear. It will be more expensive to maintain it. Ironically, that will be also the time when you will hardly have the needed funds to support that inevitable need. Click here to know how to make sure you’re getting a good pension plan.
Perhaps you are banking on some financial assistance from your children. But take note that as you grow older and your children grow older as well, your children will most probably be in a lesser and lesser position to support you financially. By that time, they will be struggling financially to support their own family – their children in particular will become more demanding as they go through the normal course of schooling.
Theoretically, you might still be able to work by getting odd jobs here and there but then, realistically your physical capability will diminish as you grow older. There will be a point in your aging life that you will perhaps prefer to just stay at home where the challenge for physical exertion will be lesser. You would like to do that provided, however, that you can remain productive.
There is a way to cope with this future scenario if you can muster the courage to make a paradigm shift and really start preparing now for that inevitability. There is a glimmer of hope in the process of aging. Unless you become afflicted with Alzheimer disease which is associated with old age, your mental acuity, unlike your physical prowess, is not expected to diminish. That’s why we usually associate wisdom with old age. You can still be productive in old age – during your pension plan years – provided you can develop an income generating undertaking that does require you to work like a horse.
The answer is a home based business. It must be something that you can do at home. Along this line, what selling activity can you do at home that requires less physical exertion but with as much capability to deliver as if you were physically outside your home haggling it out with your buyers? Selling through the internet, of course! With just the use of your computer.
In whatever stage you are in now as you approach your retirement, the pension plan years, you can do something to creatively confront that future. Start looking now for a viable home and internet based business. It is never too early or too late to plan for the future to ensure that you will not become a victim of diminished income and to ensure that you will be able to secure the quality of life you so much want to have even in golden years.