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Are You in the Retirement Red Zone?
In football, the “Red Zone” is described as the part of the field between the 20-yard line and the end zone. This is where the “rubber meets the road” according to all of the sportscasters. Whether you are on offense or defense, you are heavily measured by your performance in the Red Zone.
And so is also true in your retirement financial life. You hopefully start saving for retirement from the time you start working and save, little by little, until that day in the future when you can sit back, relax and enjoy the fruits of your labor. All of that remains true today, but only if you start saving while you’re young. However, the fact is that most people today are so busy buying cars, houses and electronic toys that they can barely meet all of their credit card obligations, let alone put anything aside for retirement.
So, hopefully, at some point you start looking forward and starting an IRA or contributing to a 401(k) or stock plan at work. Finally, you are finally saving something for retirement! That’s really great to save while you have enough time ahead of you to allow your investments to compound and grow.
When you enter the Retirement Red Zone, that period starting 5 years before your retirement date and continuing for 5 years after you ‘pull the plug’, your entire mindset needs to change dramatically. You see, when you are within 5 years of retirement, you no longer have the benefit of enough time. Let me explain.
If you make an investment mistake or the market takes a huge downward swing (ie, 1929, 1987, 2001, etc.) while you’re in your 30s, 40s, or early 50s, you still have time in your investment horizon for your investments to bounce back. and get well. Once you are within 5 years of retirement, there is not enough time to allow recovery from a blow to your investments. This is why most financial planners recommend shifting your investment allocation from riskier and higher yielding investments to more conservative things like bonds.
Even after you retire, you must have the priority of active protection, at least for the first 5 years. During this period, any significant reduction in your investment assets will have huge consequences on the length of time in the future that your investment income will be able to provide for your lifestyle.
Especially while you’re in the Red Zone, it’s very helpful if you have an extra source of cash flow to keep you from having to withdraw from your investment nest egg. Just an extra $1,000 to $2,000 a month during this period can make a noticeable 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 this level of cash flow to supplement your retirement income. You’ll have to watch out for the “Get Rick Quick” schemes though and remember the old saying “If it looks too good to be true, it probably is!” There are many ways that you can use the knowledge and experience that you possess to earn some extra money.
Think about the experience you bring to the market. In your life, you have learned techniques and skills about several things. Among these, which one is your favorite? What is it that you care deeply about? What are your passions? If you really think about it, I’ll bet there are ways you can leverage your experience and knowledge into a source of funds to supplement your retirement income while enjoying what you do.
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