Most People Are NOT Financially Ready for Retirement
Retirement is an event most of us to look forward to. It reminds us of relaxation and enjoying the time that we have left on this earth. With no responsibilities or worries on our mind, we can travel the world and hang out with our friends. We have enough money to do all the things that we want to do. Or do we?
The cold harsh truth is that the majority of people are not ready for their retirement with respect to their finances. This is no longer a problem faced by only a few people. Time.com pulled data from GoBankingRates and found that almost nobody was adequately prepared. A third of Americans don’t have a single penny saved and more than half have more than $10,000 in their savings account.
When you consider the fact that a year of retirement can cost anywhere between $50,000-$100,000, you will be lucky to find someone who has enough money saved up for a single year of retirement. That’s assuming they don’t take out any loans or borrow any money from their family. It’s a crisis!
The sad thing about this reality is that being unprepared for retirement is not something that happens out of nowhere. It is a buildup of decades of poor financial habits and not starting earlier in life. Some people go their whole lives without investing in any financial education and then wake up one day to find that all of their money has magically disappeared.
This is why it is so important for you to invest in your own education as soon as possible. Most people don’t take courses in school on retirement planning. Retirement planning is something that you will have to learn by yourself. Seek out as many books as you can. Read informative blogs like the one you are reading right now. Talk to people who have achieved the financial success you are looking for and ask them how they managed to do it.
Being financially ready for your retirement is not impossible by any stretch of the imagination. With that said, it requires you to start early so that you can build the foundation needed for a successful future. The last thing you want to do is spend your retirement living off handouts and loans from others.
What steps are you going to start taking to prepare for your retirement? Share your progress on social!
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