Which Retirement Group Are You IN?
Which Retirement Group Are You IN?
Statistics from the U/ S/ Government, Census Bureau, show that:
Out of 100 people who start working at age 25, by the age of 65:
1% are wealthy
4% have adequate capital stowed away for retirement
3% are still working
63% are dependent on Social Security, friends, relatives, or charity
29% are dead
In which of these categories are you? Where will you be by the time you are 65? If you are among the lucky 5% who are wealthy or otherwise have adequate retirement resources, you should stop reading this now!
Otherwise, you really need to pay close attention. The sooner you realize exactly where you stand and come to grips with it, the sooner that you can do something about it! Yes, you can do something about it, starting today.
50′s or 60′s
If you are in your 50’s or early 60’s – you are probably more aware than most of your plight, so it will be easier for you to come to grips and take action. After all, your immediate future is at stake. Unlike younger folks, you have quite a bank of experience and knowledge to use to leverage some extra income. Yes, all those years of hard work and discipline will finally prove very worthwhile as you take that knowledge to the marketplace! Your success is all in your attitude! If you think that you can build a supplemental income stream based on your experience, hobby or interest, you most certainly will find a way. If you don’t think you can do it, you most certainly will not. It is all up to you and your mindset!
40′s
If you are in your 40’s – if you can quickly adjust your thinking to preparing for the future, you still have the benefit of time! Time that’s available for you to make some changes, to save some cash and to generate some extra income towards your retirement. You have considerable career and life experience upon which to build an income stream. You can do this ‘on the side’ and in addition to your primary job. In fact, you may become so passionate about this ‘side job’ that you may find it to be more enjoyable than your primary career!
20′s or 30′s
If you are in your 20’s or 30’s, retirement still seems like a long way off, doesn’t it? It’s hard to think about doing anything today. After all, I’ve got my family to raise, kids to put through college, that new house to pay for and, of course, that new car that you’ve been looking at. With 30 to 40 years until retirement, you have plenty of time to worry about the future, right? Well, you are correct that you have a lot of time and that fact is your strongest advantage. Even a small amount put away at your age, will enjoy the power of compounding over the years and will be worth a lot by the time you are 65. But this is only true if you take some action to begin saving today! Now is the time!
Do Something NOW!
Everybody need to stop and take stock of where you are relative to your retirement nest egg and make plans to do something about it – today!
Resources:Don Seibert is a retired business executive who, as an Expert Author, writes timely articles on many issues concerning sources of retirement income. Having retired three times, he now is the host of http://www.RetireToEasyStreet.com Visit the site for a complete discussion of Retirement Income Options