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Recently I met with a married couple in the early ’60s. They have both maintained careers, worked hard, put their sons through college, stayed out of debt, watching their money, and now want to retire. The husband’s job involves on-site installation, supervision, and at times, heavy physical labor. He needs to reduce his stress and hours, but how? Now I had the unfortunate task of telling them that something had to give, as they cannot “retire” at the same standard of living that they currently enjoy.
What gives? They seemed to have played “by the rules” of not living beyond their means (modest home, few significant possessions, no debt aside from a mortgage which they recently paid off, etc.). However, there is one critical component that they missed: they did not contribute to their retirement plans and let the magic of long-term growth and compounding of the growth to work in their favor. Sure, their employers contributed on their behalf, but they did not add to that amount with contributions of their own. So, instead of committing a total of 10-15% of their gross income towards their retirement, they thought that the employer contributions of 3% plus social security benefits would be sufficient. Not so the case.
Alas, they will need to make some tough decisions: work longer (full-time or part-time), downsize their home (due primarily to high real estate taxes – not the size of the house), cut other expenses, or a combination of these options. The sad truth is that there are many people in a worse position than them!
So, what will it take for you to examine your situation and make sure you don’t end up in the same place? The first step is to take the time to get educated! Find 20-30 minutes each week to learn something new about personal finance. You don’t have to devote hours at a time or believe you need to become an expert on everything financial – spend a small amount of time each week to prepare yourself.
My online course for personal finance, Pathway to Financial Freedom Program, is designed to do just that! It consists of 12 easy to understand and brief online sessions, with necessary but straightforward thought activities in-between sessions. By the end of the program, you will have prepared your foundation for a secure financial future. You will be empowered to understand the key concepts and implement your plan, either on your own or with the help of other professionals.
Now is the time to act! Don’t let yourself get caught off guard, unprepared, and upset at the prospect of being told that you don’t have enough to retire.
I will make the decision easy for you! My course is free! NO MORE EXCUSES! Use this link to get started:
AWESOME CONTENT + FREE + 24/7 ONLINE ACCESS = OPPORTUNITY!
Have I convinced you?