CREATE SOME EXTRA INCOME
Darrow Kirkpatrick from CanIRetireYet.com says ‘the uncomfortable truth behind retirement planning is that there are so many variables, so many unknowns about the future, that, unless you are extremely wealthy there is almost no way to guarantee complete security.” Kirkpatrick goes on to say a typical couple in retirement requires income producing assets of $2 million to eliminate any chance of their retirement derailing.
As most of us will never aspire to having a retirement bucket that large then having a part time income may make sense. If you are able to supplement your retirement with earnings of $800 per month or $9,600 per year then that is equivalent to saving $240,000 towards retirement. Given the 4% safe withdrawal rate divide $9,600/ 0.04.