Gruesome retirement ahead? The Motley Fool says that’s the kind of retirement for which many people are headed. About one in three people would rather scrub a bathroom than plan for retirement! And about 2 in 5 people aged 55 and over have less than $25,000 saved. Yikes!
If you’re looking to step up your retirement savings contributions, consulting’s a good bet. Even consulting part-time can allow you to throw an extra $200 or $1000 a month into your retirement coffers. And you can use consulting as a transition to retirement. You could start out consulting full-time, then three-quarter time, then half-time, quarter-time, sporadically and so on. This is a great solution for people who want to take early retirement but will still have kids in college or high school, too.
A retirement calculator can be a good (but sobering) way to check your numbers. (I tried Googling for one, but all I could find were Canadian versions. What’s with Canadians and retirement planning?!)
Are you planning to consult during retirement? Drop me a line.