There are critical reasons for you to save now. Here's the why and when to save for retirement.
What would you do if you were 65, 67 or 70 years old, and had no money to pay basic bills? You’re in danger of becoming homeless? You have an income, but not enough to pay the rent and the utilities. What if you get sick and the bank account shows a total of $300? Is your solution to work for the rest of your life?
Economic hardship has left many asking, “Have we saved enough money to live every day for the rest of our lives in retirement?”
It is NOT fun to live in basic poverty and barely get by,
Know that you may not be able to work at some point. Even if you don’t mind working for the rest of your life, you may need to stay home to care for your spouse. You may run out of savings. You may not be able to generate income, let alone “enough” income:
1) You could lose your job;
2) become too sick to work;
3) suffer an injury;
4) face increased medical or legal bills; or
5) have zero money to pay for basic needs,
in a few short years. It could happen. What is your plan?
The day is coming when employers or prospective employers might determine you’re too old, Employers might want to hire younger and lower wage people. You won't have a job; or be able to work. What then?
More people are reaching the age of retirement or forced retirement.
You must act right now, this very minute.
*** Too many retirees and near-retirees kick themselves, realizing that thinking ahead was something they should have done. ***
Regrets won’t help you. it’ll feel worse than a pail of water smacking you in the face.
It's nice that many seniors might be able to move in with their adult children, but what if your children can't afford to take care of you? What if your “in-law” doesn’t feel comfortable with you living under the same roof. Maybe YOU won’t like following your children’s rules. What will you do? Where will you live?
In other words, you’re 65 or older. The kids are grown. You haven’t saved for the future or you haven’t saved enough. The sale of your family home isn’t enough to buy an alternate, less desireable home, sustain your living expenses for the rest of your life. That’s just a sample of challenges.
Now, consider that you did start early to save. You do have the funds you need to pay for basics, such as a place to live. food. utilities and healthcare. You don’t have to work for the rest of your life. You’re free to live the life of leisure you worked so hard to earn, if that’s what you choose to do.
Don't count on an inheritance, the government or winning the lottery.