You don’t want to lag behind your retirement planning and wake up one morning only to realize that you are already retired with no viable backup plan.
In fact, a recent study, The 2018 Planning And Progress Study, provides evidence that 78% of Americans are not prepared for retirement. For this reason, Americans are planning to work much longer into retirement. Most Americans are planning on retiring at 70! This is quite scary.
And all these years, gurus continue to make one and the same recommendations which do not work. Why then do Americans still continue to lack more confidence when it comes to their preparedness? With all the financial advisers available both online and offline.
It’s time to start thinking out of the box, and out of the comfort zone to actually survive your retirement era. This is what my article is all about. It’s your life we are talking about here.
So congratulations on thinking well ahead of time. I really appreciate your efforts. Very few people have come to this awareness and you are one of them.
This article is like no other and maintains a unique and different take on how to approach retirement. Nothing compared to the others out there. Chances are that you already have an idea about what every other blog on this topic out there is recommending when it comes to preparing for your retirement. I’m talking about strategies such as:
- Participating in a retirement plan such as the 401 (K);
- Catch up contributions;
- ROTH IRA
I could go on listing them, but all of them have one common characteristic: they require that you set aside an amount of money on a regular and consistent basis, which is absolutely not obvious.
All the methods above are simply not working, and more research data is being provided to prove that they don’t. Don’t even for one second think it’s your fault. Are you saying that 78% of Americans are that dumb enough to ignore their retirement planning?
I don’t think so. The main problem lies in the fact that :
IT’S NOT PRACTICAL TO SAVE IN OUR CURRENT ECONOMY FOR SEVERAL REASONS. SOME OF THEM HAVE BEEN OUTLINED BELOW:
- Living cost is on the rise;
- It becomes more strenuous squeezing money out of an already so tight budget just to invest in any of the strategies outlined above, which are highly recommended by financial gurus;
- The investment methods highlighted above (and many more not mentioned here) would be incredibly difficult for the non-experts to implement, requiring them to pay for the services of a Finacial Expert==>more expenses on a budget which is already so difficult to manage;
- What happens if you lose your job? I seriously don’t wish for that to happen, but it’s the reality that must be taken into account. Saving consistently would mean that you have a stable job forever, which is usually not the case. I’m a perfect example. During my career as a consultant, I changed jobs 2 good times before finally deciding to set up my own online business. During those times when I was looking for a new job, there wasn’t any income coming in, and it would have been absolutely impossible to honor my commitment to save consistently.
The reasons are many why we cannot really rely on savings.
Many other blogs out there will equally put the blame on you for not being able to save. The ”brainwash” cycle will just continue and take a toll on you, and before you know it, you will wrongly hold yourself accountable for circumstances that are way beyond your control.
When I was working in my twenties, I knew I had to save, and even started saving. It wasn’t long before I withdrew all the money to attend to family issues. It’s not a matter of lack of discipline or having no clue as to what to do.
If saving today, is causing you to starve, thereby affecting your health, your family, and your ”NOW”, what would you rather do? Your ”NOW” is more important than your future, because if you don’t make it ”NOW”, there would be no future for you.
So don’t save to the detriment of the ”NOW”. It simply does not make sense. This is not rocket science. What should you rather do?
Go to the next section to find out.
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