Retirement Income: Do You Want to be a Walmart Greeter?Does the present state of your future retirement income look as though a job as a Walmart greeter might be in your future?

If you’re like most people, your 401(k) is only now at a little higher level than it was in 2007. I’m sure you remember watching with horror as the Dow hit a market low of 6,443.27 on March 6, 2009, plummeting over 54% from its October 9, 2007 high.

And yes, the Dow is now a little over 18,000. But you’ve lost all the growth you had planned on during the last 10 years. From that high to today, the Dow has effectively grown only 2.9% per year.

Lots less than many retirement gurus will tell you to plan on. That’s hardly keeping up with inflation, much less providing growth.

And I’m making the assumption that you’re actually saving and will have some retirement income funds to draw from.

You might be among the majority of folks who don’t have an IRA, don’t have a 401(k), don’t have a defined benefit program (pension) and are currently using hope as your primary retirement strategy.

I feel you.

For a long time that was my primary plan, as well.

Here are the scary facts:

According to a survey done in 2015 by the Investment Company Institute, only 33% of US households own an IRA of any type.IRA Ownership

The Federal Reserve published a report in May of 2015 disclosing that 53% of people don’t have a 401(k), including 40% of those whose income is over $100,000 per year.

A few years back, AARP did an analysis of Census Bureau data and concluded that the average retirement income was $31,742. The average Social Security payment was $1298.98 per month.

Remember, that average includes people currently earning more than $100,000 per year. It’s worse for those currently making less than that.

These are some depressing retirement income statistics.

Is this your current reality?

If so, my friend, you need a Plan B.

What if there were a way for you to start saving for retirement now, while creating an asset that will continue to throw off income after you retire?

Rather than having to look for retirement jobs, how about you invest some time and effort now to create a small business that will give you current income to save and an income stream that you can maintain after you retire?

When I started looking at my options, I realized that not only did I need to increase my savings rate, I needed to increase my income now so I could catch up on the time I’d let pass.

Since I was behind the curve, I needed to save more than I would have if I’d been consistently saving retirement funds since my twenties and was able to make full use of the magic of compounding.

Since a shorter time frame limits the power of compounding, I needed to make up in contributions what I had already lost in compounding time.

In my next post, we’ll talk about how to use a small home-based business to generate income now that you can use to power your retirement income portfolio.

Did this article help you? If so, I’d appreciate it if you’d share this on Facebook.

I’d also like to hear your thoughts on retirement, retirement savings and what each of us can do to avoid being a Walmart greeter when we’re 65. Drop a comment and let’s talk.

steve norris

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Steve Norris
Steve Norris

After a lifetime of some successes, more near misses and even more outright failures, I find I've gained some skills and some wisdom along the way. I'm in the continuing process of developing more of the former and hopefully a little of the latter as well. I've reached a point where my primary interest is to develop an income that can support what I call a Location Optional lifestyle. I want to live where I want, how I want and when I want. A little narcissistic, I know, but there is only so much time in life and there are still many places from where I have not seen the sun rise. Fortunately, I've been blessed with a wife who feels the same way.