This is a membership Morsel from “Too Young to Retire”. Today, we are continuing to
talk about Money in retirement. Where does it come from?
Retirement is a new concept, it was one of those ideas pushed by Roosevelt’s New Deal back in the 30’s. Prior to that, you didn’t have a segment of the population stopping work at a specific age. You kept working as long as you were physically able.
Did you save for your older years when you couldn’t work, of course? Did pensions exist? They appeared sometime in the late 1800’s when unions negotiated them with employers. People did other things to create multiple streams of income back then.
Besides pensions, a lot of people took in boarders who would rent a room for the week while they were working in town. My Grandma Hass
Had a couple of people over the years that occupied the back bedroom of her house. She provided him meals during the week, linens, and towels. She was also a seamstress and would sew and alter other people’s clothing besides making table cloths and doll clothes for sale.
My father’s dad was a carpenter and he bought three lots in Kenmore next to each other and built three homes. He sold two to pay for his house. Then during the depression, he converted the upper half into an apartment that they rented out to provide additional income. Besides working on construction jobs during the day he would do work for other people who needed alterations to their houses on weekends.
When my Gramma Hass’s husband died, she had rental income, seamstress income, and social security. When Grandpa Patterson retired, he had rental income, social security income, and his carpenters pension, besides the income from side jobs doing carpentry.
My perception was they were typical couples from that era and their lifestyles reflected it. They worked hard and always were careful in what they spent and managed their investments and lived a pretty good life. Today, people think they can live on Social Security income alone, without realizing that this was never the case when it was enacted.
Where are your multiple streams coming from? Are you planning on getting all your retirement from a 401 K or Pension and not having additional areas? Come join us and by being part of the 2 Young 2 Retire you will learn what some approaches strategies exist.
There are so many things you will learn that you should never run out of options. Sign up for our classes, join in the discussion and become part of our community about life after working at www.patterson2y2r.com
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