People in their 40s and 50-plus age bracket start to think about when they will be able to retire. Unfortunately, the younger generation should ask and prepare for retirement when they’re in their 20s and 30s.How are you going to pay for the basics needed to live your life -- for the 20 or 30 years AFTER 65 when you have NO INCOME from a job?
You can’t depend on Social Security and Medicare to get you through your golden years, especially if you want to be able to pay for basic services. It's not enough -- and it may be even less by the time you get there.
Planning now – no matter what your age may be -- will help turn your future into a smile rather than days and nights of tears.
Here are serious facts you want to know. They will scare you, but might save you.
First, think about the someday in your life when you can wake up, have a leisurely breakfast, saunter out to the seaside or golf course or picnic with the grandkids. For that to happen, uou need "money" you can draw on that essentially replaces "income."
Most Americans today can’t live 90 days without a paycheck. They have less than $1,000 or no savings at all. How can they enjoy that leisure life when they’re older, have no paycheck and don’t have money to pay their existing bills, let alone save for future bills or an unexpected expense?
There was a time when retirement meant golf and fishing and good times. But it seems that landscape is no longer available for most.
Today, many retirees are overwhelmed with basic living expenses. Don’t panic. Here are seven questions to get you started.
1. How long will you need to work?
2. How much do you need to live after you don't work anymore?
3. Do you have the money you need to pay your living expenses?
4. What can you do to get ready for retirement?
5. What money will you have after you turn 65?
6. How will YOU pay for healthcare when you need it most?
7. How are YOU going to pay for things?
Be Self Employed
Whether you are just starting out, have raised your kids, or are near retirement yourself, it's time to realize just how important preparing for the day of retirement is. You might want to think about becoming self-employed to create your own security.
How long will you need to work? 65 years old could be the time to stop working and enjoy the fruits of life. To many, that age seems far off, doesn’t it?
I constantly nag my children about saving for their leisure years after retirement. I believe that it's my responsibility as a good mom to help my children face the future. Good advice for any young person.
What if your monthly living expenses are $2500, and at age 55, you no longer have a job? You need $30,000 for every year until social security. That could be 15 years or more. Do you have $450,000 in savings and investments?
"The vast majority of Americans are going to work until they die, or they're going to live their golden years pinching every penny, dependent on someone else if there is someone... humiliated, miserable or worse."
How much money do you need to SAVE for the time when you don't work anymore?