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Are You in the Retirement Red Zone?
In football, the “red zone” is described as the part of the pitch between the 20-yard line and the end zone. This is where “the rubber meets the road” according to all sports commentators. Whether you’re on offense or defense, you’re heavily measured by your performance in the red zone.
And that’s also true in your financial life in retirement. Hopefully, you start saving for retirement from the moment you start working, and save, little by little, toward the day when you can sit back, relax, and enjoy the fruits of your labor. All of this remains true today, but only if you start saving in your youth. The fact is, however, that most people today are so busy buying cars, houses and electronic toys that they can barely meet all their credit card obligations, let alone less to set aside for retirement.
So hopefully at some point you’ll start looking ahead and start an IRA or contribute to a 401(k) plan or a stock plan at work. Finally, you finally save something for your retirement! It’s really great to save while you have enough time to allow your investments to accumulate and grow.
When you enter the red zone of retirement, that period beginning 5 years before your retirement date and lasting 5 years after you “pull the plug”, your mindset must change dramatically. You see, once you are within 5 years of retirement, you no longer have the advantage of having enough time. Let me explain.
If you make an investment mistake or the market takes a huge drop (i.e. 1929, 1987, 2001, etc.) while you are in your 30s, 40s, or early 50s, you still have time in your investment horizon for your investments to rebound. and recover. Once you are less than 5 years from retirement, there is not enough time to recover from a blow to your investments. This is why most financial planners recommend shifting your investment allocation from riskier and more productive investments to more conservative items such as bonds.
Even after your retirement, you must have priority for wealth protection, at least for the first 5 years. During this period, any significant reduction in your investment assets will have huge implications for the future length of time your investment income can support your lifestyle.
Especially when you are in the red zone, it is very useful if you have an additional source of cash to save you from having to withdraw from your investment nest egg. Just an extra $1,000 to $2,000 a month during this time can make a remarkable difference in your lifestyle and financial security.
If you look around enough, especially on the internet, you will find many, many opportunities that can provide that level of cash flow to supplement your retirement income. You’ll need to be wary of “Get Rick Quick” ploys though, and remember the old adage “If it sounds too good to be true, it probably is!” There are many ways to use the knowledge and experience you have to earn extra money.
Think about the experience you bring to market. In your life, you have learned techniques and skills on several things. Which of these is your favourite? What is close to your heart? What are your passions? If you really think about it, I bet there are ways to leverage your experience and knowledge into a source of funds to supplement your retirement income while enjoying what you do.
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