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The Income Problem as You Get Older…

old-grandma-portrait-as-you-agePhoto by Kevin Dooley on Flickr

I often find that we have a huge income dilemma as we age. We all want our income to rise as we age. It is a no-brainer. Unfortunately this does not work for everyone.

The downside behind this thinking is we have rising expenses. Depending on our health and abilities for some it can be more expensive than for others. Although income typically DOES rise if we attain a higher level for the company we work for… these days we normally don’t stick with the same job for 30 years like people used to.

Income Grows at a Job

Typically if you work for a company or a corporation your income will rise over time so long as you keep progressing in the company. Companies are notorious and great at giving you just the right amount of money where it feels like you don’t want to leave or can’t leave.

Especially once you establish a lifestyle that you are comfortable with, it becomes difficult to quit or change your career path.

So even though your income may rise over time working for a company, if the cost of your life style increases just as much, then you will be in no better shape then if you were earning less and spending less. (You just may have a nicer car, motorcycle, or other fancy toys).

blackboard-income-grows-rise-job

Expenses Typically Rise as You Age

As you age, it is typical that expenses will rise…This happens because there are more needs as you age. It may start out with basic medical bills and medications. It may then increase to personal shopper, home health aid, and living assistant.

If you can imagine that some people pay a few hundred dollars a month for their medicine when they are older. Soon after, they pay few thousand dollars a week for a personal home health care assistant.

expenses-rise-age

Your Capabilities As You Age

You body, mind, and the way they work start to decline as you age…. You may be less responsive in a job that requires fast moving feet and hands. You may even be less agile and adaptable to the new norms or cultural environments. Things change over the years and if you aren’t one to adapt then society can leave you in the dust… (I know this happened to many baby boomers who did not learn to use the internet.)

In the end, this creates a less desirable outcome or need for people as they age in the work place. Unfortunately, this is fact and the only way to change this is by proving that you are different than everyone else.

blackboard-what-you-are-cabable-of

The Income Problem

The income problem is then created as we age. As we get older our expenses increase, and although we get paid more at our job most of the time if we can stay in there because we are less capable, it puts us in a vulnerable place.

It is for this reason you may see many people over the age of 65+ working at the grocery store to compensate their income. They may have had to take forced retirement from their job, but they still could have another 20+ years to live (and an expensive lifestyle at that).

And by expensive I don’t mean living on a luxury yacht. I mean expensive in the sense that they need to pay for medical bills or home health care assistants to make them food, clean up around the house, or have a helping hand to help them out for basic living needs.

Things to Think About

I think an ideal scenario is to have your income rise as you age, unfortunately breaking these things down you can see this is not always possible if you work at a traditional workplace.

One of the best ways to have this happen is to have your own company that is self-sufficient. Maybe it is a company that is on autopilot or you have someone that can take care of most things as the company grows. However, you have to think about the long-term effect of this company….

A company that makes great digital products now, may be out of business in 5 years. So is your company sustainable for the next 15 years?

You can always learn to invest your money and if you can do it yourself then it could be a great side job to do when you are retired.

Anything that can pay you dividends or royalty checks on the long term can also work great such as publishing a book… Although it may not be a lot, it does add up if you have 10 or 20 books even if they are selling just “okay.”

Of course you could just work on building a huge income stream and horde your earnings… (maybe a few million dollars). Unfortunately, this is very rare and unreasonable to think this way. Most income is built over time and not in one swoop.

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DISCLAIMER:

On MyLittleNestEgg.com we try to provide accurate information on personal finance and investing, but it may not apply directly to your individual situation. We are not financial advisors and we recommend you consult with a financial professional before making any serious financial decisions.

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