Are you planning for a modern retirement?

The traditional way of planning for retirement includes savings and pension funds, which are great and have their place, but I highly recommend not depending solely on these outdated practices when planning for your retirement.

Let's have a look at why I feel this system is extremely outdated.

Say you currently earn roughly $100,000 per year. It is generally understood that once you retire, to maintain your current lifestyle, you should earn around 80% of your current financial earnings. So that means that for every year you retire, you should have at least $80,000 stashed away.

If you retire at the age of 65, you can expect at least 20 years worth of retired bliss, and the younger you are now, the more years you can add to this number, according to current scientific research.

According to scientists, someone my age, has a life expectancy of easily up to 120 years of age. So if I were to retire at the age of 65, I would need to be prepared to support myself for up to 55 years on my pension and savings.

But for argument’s sake, let’s say that you have 20 years of retired bliss ahead of you. To live on $80,000 per year (Just over $6650 per month) for up to 20 years, you will need $1,600,000 (that’s right, one point six million) stashed away.

And of course that is your earnings BEFORE tax... yes you will still get taxed.

 

Also keep inflation in mind. Your cost of living will increase every year, but your earnings will remain the same, so as each year passes, the value of your money (what you can buy with it) will become less and less. So ten years into your retirement, you may come to the realisation that you still have a long way to go, and not that much saved up to get you there.

This is one of the BIGGEST reasons why I have dedicated the past few years of my life to growing my passive income base.

Earning passive income from digital products allows me to increase my earnings every year, with no end in sight. In fact, long after I am gone, it will be possible for future generations to continue to earn from my products. This means that I’m not just looking after myself, but I’m also leaving a legacy.

My earnings increase with inflation, so the value of my money does not decrease. I earn through my business, and not directly, so this actually decreases the amount I pay in taxes.

I am earning money now and building my business in such a way that I can travel and see the world BEFORE retirement, and enjoy life while I’m still young. And of course I love my work so much, that it doesn’t really seem like work anyway, I’m a lot less stressed, and healthier and ready to live a longer fuller life, with my finances INCREASING in value every year, while I build one hell of a legacy to leave behind.

To me... that’s a modern retirement.

The idea of working until I’m old, tired and possibly sick, and then spending my years trying to survive on what little income I managed to save, and never really having that “someday” opportunity come along that I might “someday” travel and see the world, or do the things I want to do. That to me is not my idea of living, or enjoying life.

Even if you just start doing it on the side for now, start creating products to help you to earn that passive income now, and allow your passive income to grow so that one day you don’t just have a really amazing retirement... but who knows maybe you can have a REALLY EARLY retirement and get to do all the things you want to do.

Start today by investing in yourself... sign up to my videos that show you exactly how you can go about building up your passive income TODAY!