20d • What do you MEME?
The 3 Legged Stool
Pensions. Social Security. Personal Savings.
These are the three legs of retirement. Or at least they were established to be just that many decades ago.
🔴 Pensions have all but disappeared. If you are still in the working force and have a pension of more than $600 or $700 a month coming your way, then you are in the vast minority! And what is $700 going to cover in retirement anyway? That doesn’t even cover food now in most households! I have clients who easily spend $4-$500 a week on groceries for their families.
🟠 Social Security, well, how much faith do you have that it will not be greatly changed, reduced, or even completely wiped out by the time you, or your children, or your children’s children get to retirement age? In ‘The Power of Zero’ David McKnight talks about how when SS was first established in 1935, “…the math behind it ensured its financial viability into perpetuity” because we had around 42 working individuals paying into SS, for every one retired individual taking money out. Furthermore, at the time, the average life expectancy was 62, and the retirement age was 65! While our retirement age has not moved much, our life expectancy has increased to 85! One in 3 women live to age 90!
And because the baby boomer generation did not have as many children when they grew up, our working to retired ratio (rather, those paying in, to those taking out SS) is more like 3 to 1, and moving into 2 to 1 very quickly. The math isn’t mathing anymore.
🟡 So what we are left with is Personal Savings… 😳
How much are you saving for retirement?
Are you paying yourself first?
Are you placing your money into a growth state and letting it compound at a higher interest rate and over a longer period of time?
🙋🏻♀️🙋🏽♂️🙋🏼Who wants to learn how to empower themselves to save better? Take charge & 10x their money? What strategies are available to compound your savings faster? Let’s talk!
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The 3 Legged Stool
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