I received my tri-montly letter in the mail recently regarding what investments I have and whether or not I had a gain or loss. It definitely was a loss, but not a major one, thank heavens, but that made me wonder what will the next three months bring and will I ever have enough money to retire on?
What exactly is enough money to retire on any way? They (financial advisers, experts) say it should be at least three times your salary, and if you can do more, then do so. It is kind of like life insurance, but the difference is you at least get to see the money you save. But do you really? At the rate that inflation is growing and going, the economy fluctuating, some people might be living the good life, but others are not. Some are watching their dreams go down the drain right now and that is a hard pill to swallow, I don't know how they feel but I can imagine.
Everyday I see older people who are supposed to be retired now and on a beach somewhere or off enjoying their retirement, are back at work! Some people might be forced to retire because of the job they are in, but the next day they wake up and go to another job some place else. I bet they never imagined that would happen to them!
While some people might be saying how strong the economy is and inflation is low, or at least not as bad as it was 10 years ago, (and I beg to differ on that, but I digress!) there are so many people whose experience has changed a lot. They feel and see the difference as they go food shopping and when they go to the gas pump! Property taxes are up, at least in most areas, and if they get eliminated, like they are trying to do here in my county, that cost will go elsewhere!
Some people are unable to save for retirement because of not making enough money to do so, or they make enough but they still can't save due to unexpected expenses that happens! Some feel the Social Security will be available for them, and it should be, but the trend is that it will not be there! There's another letter that I receive in the mail every six months (or maybe once a year) that tells me how much I've paid into social security and how much I will make when I retire. It isn't enough of course, but will it be there for me when I need it? This is what many people are faced with today. Some are also faced with the news that they are not saving enough. In today's market, saving enough can be difficult. But I think that even saving 10% is better than nothing!
Although it may seem daunting, and seemingly impossible to reach, retirement planning is actually a good thing for everyone. Even if you haven't started yet, beginning today is a step in the right direction. I didn't start right away, although I wish I had! I do look forward to receiving my letter letting me know what is happening and it does give me some kind of reassurance that there's hope for me yet!
Retirement might be delayed for many, but it is not a lie. It will become a lie if we continue to fool ourselves that we don't need it. It can happen with good planning.