Keeping our golden years ‘golden’ is very important, though many of us continually give the need to do short shrift in the here and now. Given that the current economy is so unstable, it at least gives us an opportunity to look at Medicare (going broke soon) and Social Security (is currently broke and running a deficit) and understand that we’re going to need something in addition to government-run retirement programs if we hope to live well.
Maybe now — while you’re sitting there thinking about how you’ve gradually come to develop leg arthritis from a youthful life spent doing wild and crazy things — is a good time to ponder on your future. Many studies have shown that we’re saving nowhere near the amounts we need to in order fund a nice retirement that reflects the lifestyle that many of us have grown accustomed to in our high-income earning years. Something’s got to give, though.
And what’s got to give is the obstinacy many of us show when it comes to refusing to consider how we’re going to gain a meaningful retirement income. What’s clear is we need to begin thinking and planning for it NOW and not the year before we’re ready to pull the rip cord and bail out of the working man’s airplane. Relying on government social programs for our needs isn’t the smartest thing to do, so investing and saving now becomes doubly important.
And there are the key words; saving and investing. Are we doing any of it, really? And if we’re not, what are we going to do to start? We certainly have no shortage of financial advice available, what with the Internet and the plethora of business shows on the cable networks, so we probably get how stocks, bonds and mutual funds work, at least on a certain level. Even if the markets have been shaky of late, saving and investing is still the way to go.
As an example, take a look at a typical small business owner. He may have founded something like a fine costume jewelry wholesale distributor company, for instance. He has several employees but he’s still looking out for his own finances however he can. Does he have an IRA or two or has he set himself up with a thrift savings plan or a health savings account (good pre-tax advantages to that)? If not, all he’s got to rely on is Social Security, which isn’t good.
Not having anywhere near the amount of money in savings, or a nicely-funded IRA (Roth or traditional) and a 401(k) will generally doom one to a life of lessened financial abilities. This is especially so if one wants to really get out there and enjoy the golden years. So, refusing to save or invest NOW can really lead to serious financial problems down the road and when it can be least afforded.
In the end, what we do today — as it relates to savings and investments — has a huge impact on what we can do tomorrow, in our golden years and when we’re hoping to have the life we’ve always wished for ourselves when we were young and vigorous and able to work seemingly endless hours per day. So, no matter your age, begin saving and begin setting up for retirement today and NOT tomorrow. In fact, treat your finances as you would your health.
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