13h • Preparing for Retirement
Sounding the Alarm on Retirement
Thank you very much to Jason for adding these new categories, including 'preparing for retirement'!
Now, I suppose some of you may be thinking, 'John, you ding-dong, I can't afford to prepare for retirement - I'm still stuck contracting/temping and looking for something permanent!'
However, I have to say - I'm afraid that we may not be able to afford NOT to prepare for retirement.
:-(
I have heard that, for about an estimated 60% of Americans (apologies to those of you who may be living elsewhere), retirement is not a choice. :-( We may be forced into retirement by factors such as ill health, caregiving responsibilities, or corporate restructuring. :-(
So, what to do about it?
I am no financial expert, so I would have to default to the classic advice. Even if we are just scraping by, try to set aside 1 out of every 10 dollars for the future.
More to add later; please anyone else jump in.
Thank you very much for your time.
PS: Again, I am no expert - but I have gotten the strong impression that preparing for retirement is one of those things that are easier to do the earlier you start - even if retirement may feel like a distant concern. This is in part simply because, in general, the earlier one begins to invest, the longer one's money has the time to compound.
I think Albert Einstein is alleged to have said that the most powerful force in the universe is compound interest.
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Sounding the Alarm on Retirement
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