5. Use the system but don’t depend on it. This last recommendation may seem the most counter-intuitive of all.
But unless you’re a totally self-sufficient veteran homesteader, you’ve
been a part of standard society for years anyway. Why not let it work in
your favor? Think of it as an extra day of sunshine or needed rain rather
than the enemy.
Unlike my father, I
can’t – nor would I choose to – depend on the government to support
me for the next forty years. However, I have paid Social Security for
that long, and I intend to leverage it to decrease my debt. There are
some unusual ways to maximize benefits, and I recommend you study your
social security options closely;
www.investopedia.com
can offer some ideas for both Social Security and small business.
In my case, life
circumstances have made me eligible for spousal benefits from two
accounts. At age 60, I’m eligible to collect widow’s pension based on my
ex-husband’s account (although no longer married, he and I remained
friends until his death, so I feel comfortable taking this option). That
income will allow me to shift my work to spend more hours at home,
building the self-sufficiency of the homestead (he, and my mother-in-law,
my barter mentor, would be proud!). Later, I can either switch to
benefits from my late husband or take payments based on my own account. I
will take whichever one nets the best outcome for the homestead. By the
time the program disappears, I will be in a much better position to stand
on my own.
Low interest rates
caused by the current financial crisis can also work in your favor. If
you drive an old vehicle with poor gas mileage, it might be worth taking
out a small loan to replace it with something newer and more fuel
efficient. The money you save in gas and repairs could quickly pay off
the loan, and you’ll have more years of service in the future.
Finally, investigate
the possibility of a simplified employee pension plan. You already own
and operate at least one business, with at least one employee – yourself.
This type of plan gives you the option of saving money with tax benefits.
Certainly, where you choose to save is a huge concern in this market. But
there are banks and credit unions which still offer smart investment
options. Again, measure your choices against your major goal of
self-sufficiency. My faith teaches me to be in this world without
being of it. The current financial crisis seems to me to be the
perfect environment to put that teaching into practice.
So, is all of this retirement or
rejuvenation? Certainly, homesteading doesn’t fit our culture’s
traditional image of retirement… hitting the golf course, sunning on the
beach, traveling the world. It does, however, fit every measure of
leaving the rat race of society to live on our own terms.
As for the
rejuvenation aspect, let’s compare the benefits of homesteading to a
standard list of requirements for successful senior living adapted from
http://seniorliving.about.com
* It’s about more than money. Check.
* Do what makes you happy. Check.
* Live with purpose. Check.
* Keep your mind sharp. Check.
* Develop new friendships. Check.
* Increase your financial stability.
Check.
* Keep your spirits up. Check.
* Stay active to remain healthy. Check.
Any questions?
My dream for my
father was that he would die on the golf course, doing what he loved.
I’ll be happy to go to sleep in a field, with the sun in my face
and the dog at my side. In the meantime, stop by my homestead when
you’re in the neighborhood. I can’t offer you money, but we can always
find a cup of coffee and some good stories to share. That feels like true
Social Security to me.
