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Statistics tell us that the average person today spends more time planning their latest vacation than planning retirement. Why is this the case? Well it can be for a number of reasons. One reason is that we tend to put it off. Another rationale is because retirement planning can be a very daunting task so we choose to avoid it. In addition, I believe the chief reason is the busy lives we all live now days with work, kids and spouse being the primary focus of our attentions. Human nature sometimes works against us concerning planning things far into the future. The here and now sometimes takes precedence.
As with many others in the group known as the baby boomers my wife and I have been thinking about retirement planning more and more often. We look around us and see loved ones who have worked thirty or forty years and are barely getting by on what they receive from the various retirement plans. Moreover, retirement programs like this are still promoted today. It is heartbreaking to see that so many hard working people that are reduced to a meager existence instead of having the fulfillment of doing the things that are important to them and having the funds to do them. Arguably, retirement planning is amongst some of the most important things we can plan in life.
In the past retirement age was reached by very few people. In the early 20th century the average life span for a person was about 47 years of age which meant that most people worked until they were too sick to continue working. In today’s world, medical advances have stretched that 47 years to 76 years of age. That means that the average time spent in retirement today is 25% as opposed to only 7% in the early 20th century. It is easy to see why so many simply do not have enough retirement to see them through.
With today’s economy changing at a breakneck pace few of us are able to keep up. Companies are going broke; outsourcing has become the quick fix in today’s world. Whole job sectors are simply disappearing altogether. In an article I read, a woman could not except that the job she had done for almost thirty years had become obsolete. In essence, she was feeling obsolete. People do not become obsolete only the skill set. Taking the place of people is the internet, software programs and machines. How can we hope to secure our futures? One way is to change the way we think. The old world economy we knew is gone and if we don’t change with the changes we will become one of the casualties.
In all the doom and gloom of our present economy there is the dawning of new hope. This is a hope we can all share. There is a new economy emerging from the old. One in which it will be easier for the average person to fulfill their dreams. All we need to do is take charge of our situation, do a few basic things and take action.
As with many others in the group known as the baby boomers my wife and I have been thinking about retirement planning more and more often. We look around us and see loved ones who have worked thirty or forty years and are barely getting by on what they receive from the various retirement plans. Moreover, retirement programs like this are still promoted today. It is heartbreaking to see that so many hard working people that are reduced to a meager existence instead of having the fulfillment of doing the things that are important to them and having the funds to do them. Arguably, retirement planning is amongst some of the most important things we can plan in life.
In the past retirement age was reached by very few people. In the early 20th century the average life span for a person was about 47 years of age which meant that most people worked until they were too sick to continue working. In today’s world, medical advances have stretched that 47 years to 76 years of age. That means that the average time spent in retirement today is 25% as opposed to only 7% in the early 20th century. It is easy to see why so many simply do not have enough retirement to see them through.
With today’s economy changing at a breakneck pace few of us are able to keep up. Companies are going broke; outsourcing has become the quick fix in today’s world. Whole job sectors are simply disappearing altogether. In an article I read, a woman could not except that the job she had done for almost thirty years had become obsolete. In essence, she was feeling obsolete. People do not become obsolete only the skill set. Taking the place of people is the internet, software programs and machines. How can we hope to secure our futures? One way is to change the way we think. The old world economy we knew is gone and if we don’t change with the changes we will become one of the casualties.
In all the doom and gloom of our present economy there is the dawning of new hope. This is a hope we can all share. There is a new economy emerging from the old. One in which it will be easier for the average person to fulfill their dreams. All we need to do is take charge of our situation, do a few basic things and take action.
Great article with some useful advice on retirement planning... Neil.
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