To me, it seems like retirement planning advice is way too focused on spending less money. Entire blogs across the web are dedicated — not to retirement planning — but specifically to penny pinching for retirement success.
So much for your “Golden Years” if you’re doomed to spend them snipping coupons.
Look, I agree that downsizing your life is an essential strategy for retirement success. But you can only tighten your belt so much before you reach your limit. And who wants to spend their retirement guilting themselves out of spending a little money on the things they enjoy? No one.
To my eyes, saving more is just one of 3 main strategies you can use to get more out of your nest egg:
- Go smaller (AKA tighten your belt)
- Go outside
- Go international
“Go outside” refers to stepping away from the corporate mindset. Your years of experience in your niche have made you valuable, not just to your boss, but to others as well. Now you just need to capitalize on it.
Start by building a professional profile for yourself outside of “employee of X company.” Attend conferences, network, and look for ways to hone your niche skill even more.
I know you’re wondering: what does this have to do with retirement?
If you go outside and start building a name for yourself, it can turn into a new income opportunity that follows you into retirement. Start consulting, write a book, and develop a course. Pre-retirees are doing this all the time to grow their nest egg outside of their corporate job.
Maybe you’ve already done the calculation and realized you’ve only saved up enough for 10 years of retirement in your home town. Penny pinching might add on another 2 or 3. But hopefully, you’ll live longer than that.
Going international is the perfect solution. Move abroad for retirement, and you can stretch your retirement dollars even further. And the great part is, you won’t be snipping coupons, but instead sunning yourself on the beach. Veritable paradises like Malta, Thailand, and Panama are prime retiree destinations.
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