Why Plan For Retirement-I Have Social Security!
It is hard to even consider saving for retirement when you are only 20 or 30 years old. Retirement age seems so far away and there are so many other things to spend money on. Perhaps you have a young family and along with the expenses that accompany that, you are thinking farther down the road to the expense of College. You will be amazed at how quickly the time will pass and suddenly you are 50+ and trying to figure out what you can now do to plan for your retirement. You don't want to just get by. You want to live comfortably and do the things you haven't had time to do until you retire.
When I was young, my father used to tell me that I would need at least $250,000.00 to secure a comfortable retirement. That was OK then, but by the time I was ready to retire, I would barely be able to eat on the income this money would earn at approximately 6% per year. That's only about $15,000.00 per year income plus Social Security. This is not enough to travel, play golf, buy a Motor Home or any of the other things that you've dreamt about. It is absolutely essential that you start planning for your retirement at the earliest possible moment. Try putting a little aside every week. It will soon become automatic and you won't find you miss the money. Our society is living longer and we are healthier and more active than ever in the history of mankind. I don't think you want to spend the last 20-30 years of your life sitting on the porch because you can't afford to do anything else. So lets get our act together and look at some options to boost this retirement income. |