Stretching Your IRA Income Limiting Beliefs For A More Vibrant Retirement

IRA income during retirement is the sought after goal for most people as their dreary jobs keep ticking by one day at a time. Does it have to be that way? What is retirement? When do you retire? Is it 65 years old? Is it you retire when you have your 20 years in or your pension starts? Is it working 3 more years until your social security kicks in? Is it probably never because you didn’t save during your “high earnings” years? When can you retire?

Your retirement is dependent on one simple thing, money. Most people don’t have a choice to retire or not because they haven’t realized what it takes to retire. It takes money! Can your investments or businesses produce enough money passively to quit your work and retire? If not then what do you need to do to get them to that position?

Now is the time to stretch your limiting beliefs. It takes money not IRA income to produce the right amount of retirement money. Think of it this way. Your IRA income, your business, your other investments, and your rental properties could be one strategy to provide income. Add in your pension and your social security and somehow your IRA income doesn’t sound that important anymore. Most people’s IRA income also holds the most risk. And if your IRA income is much larger than these other sources or maybe you don’t have a few of these sources then it is definitely time to make your IRA income safe and secure.

What is the limiting belief? You have to have a lot of money for IRA income to retire on. Wrong! You have to have enough income to retire on. It helps to have a lot of money but the income is the only factor to consider whether you can retire or not. Let’s say you are 40 years old and have created rental income, a good size stock portfolio, a business that you don’t have to run, and other investments. Together they create 5 times as much income as you need. Why not quit your day job, hire a bright CEO to run your business, and retire? It is possible! I don’t know any 40 year old that is that ready to retire but that 40 year old has the choice to retire because of the income he has created, not his lump sum of investment money. Think about this…

A Comparison If you need $10,000 per month in IRA income to comfortably retire then you would need $2,000,000 in traditional investments at a 6% withdrawal rate. How long does it take to save that amount versus create that amount in another source of cash coming in? Did you know that your IRA income is going to fluctuate as well unless you use some of the great annuity ideas that secure your retirement money? Creating $10,000 per month from a home based business might be a stretch in beliefs as well. What about consulting instead of working? What about a network marketing company? What about thinking about how to create that amount of cash and going out there and making it happen right now? You could retire in a couple of years versus 20 or so with traditional investments.

Retiring early or retiring now is about money. Do you have enough money? If so then you have the option to retire right now. If not then you are going to need to create that income. It’s not about the amount of money you have in your investment accounts. It is about the amount of income your investments create passively. Even if you are not interested in retiring early, create the option now in case you catch the early retirement bug. Change your IRA income limiting beliefs for a more vibrant retirement!