As the economies of many nations around the world are in a state of continuous change, the thought of retirement might be the least of your worries. But the fact is, with incomes dropping and the price of everything continuing to rise, you could be in real jeopardy when it comes time to hang up your work boots and enter what you hoped would be your golden years.
Retirement is increasingly about managing your money, not kicking back and living out the twilight of your life. If you’re not paying close attention to your funds, they could evaporate on you and leave nothing to sustain any sort of life just when you’re unable to bring fresh income in to the bank.
Medicare and Social Security have been bedrocks of American retirement planning for decades, but their prognosis for the future isn’t good. Perhaps the programs might not vanish entirely, but it’s becoming less likely they won’t undergo serious revisions that would reduce benefits for participants.
People are living longer than ever, thanks to improvements in medical knowledge and healthcare. But with longer life comes increased costs. Simply put; your retirement nest egg has to cover more years than previous retirees had to fund when they stopped working. That has to be a factor in how you plan for when you reach an age that it’s time to leave the workforce.
Your retirement won’t matter, until you’re in it and wondering how to pay for it. Don’t run short. #HealthStatus
- 1Those retiring just after World War II lived on average 5 years in retirement.
- 2Many people who are retiring today will live 20 or 30 years in retirement.
- 3Taxes are one of the top three expenses that retirees have to plan for and they normally go up and not down.
Have you saved enough in your retirement account to last until you are 90?
((Link didn’t work, so I googled the article posted on Forbes))