The big crisis in retirement has come and expected to continue for next 25 years. This topic cannot be taken lightly because it is highly correlated with your mother or father or your friends. People who are called baby-boomers are retiring one after the other every 7 seconds now. It is great that for someone who has worked very hard and saved enough money because now he/she is looking forward to spending their time with their grandchildren or/and planning to have trips to enjoy their retirement. However, a majority of people are not, expected to work until who knows.
What is the problem?
The population in the United States is approximately 318 million, and 23% of that is baby boomers, about 75 million. Those are the people who were born between 1946-1964 after World War II. Many of them are forced to face to the reality that they cannot retire due to the lack of their saving. We recently received information from the insured Retirement Institute(IRI) in April 2016 that ¾ of baby boomers are not ready to retire and forced to be working according to the research. 42% of that has saved less than $100,000, which possibly generate $7,000 as interest a year for retirement income. However, one in five Boomers are concerned they will not have enough savings to cover basic living expenses.
The real problem IS and WAS that most boomers are careless about taking important financial planning steps for their retirement. I often hear people say ”I will die by 50, or 60”, I will think about when the time comes. Some people are expecting to have more money later on. Although, If you fail on planning, if there is no a lump sum cash collected, you would more likely fail to maximize the power of compounding interests in investment. This can sound really harsh but now you are 60 with no savings, you may no have a choice but die. This is the worst scenario that happens in your retirement. As a piece of advice, start putting your money even a little be and stuck it up on the side every month and keep that as a habit, you will achieve something you would have never expected. Then if you achieve to have more money, put more money to accelerate your money growth.
Financial planning lasts until you retire, truth even after your pass away, your financial planning will last to take care of your children and grandchildren. If you realize the importance of retirement at 45 or 50 without having any savings, of course, it is better to do investment than none but you may be too late to create a big fund for your retirement. For instance, I worked on a client, 65 years old widow, started having a health issue recently, and on top of that he was told by his employer to become a part-timer. He was expecting to receive social security benefit as a major source of retirement income from next year. However he found out that his social security will pay out only $1200 monthly, this is the result of 40 years contribution. He still pays his mortgage over $2000 a month and other living expenses. Now he cannot quit his job.
I highly recommend you to talk to financial professional, or sending us a message and let us help you to make a better decision for your future (Or read the book below). People are free to make choices in life, however, they are not free to escape from their consequences. Start investing your money as soon as possible. The sooner, the more you can accumulate your money to achieve your financial freedom!!
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