Provident living comes through as a significant and reality-based factor. The
parable of the wise v. foolish virgins is both spiritual and temporal advice.
The safety net is to provide in situations beyond an individual's control,
not for every unwise or reckless financial practice. Our government bails out
AIG for their irresponsible behavior, but not we common citizens.
Speaking from experience, the problem I see most often is that most people
ignore the issue of retirement, thinking that they will start planning for
retirement 'later'. But the true power of a long-term savings plan
like a 401(k) comes from starting early and saving consistently, even through
down times. It takes discipline and the courage to ignore the nay-sayers. But
then YOU are the one who will find yourself able to actually retire, take a few
trips once in a while, and not live on dog food.
"Whatever the reason, people are just not preparing for retirement."Maybe it's the $600 dollar car payments spread over 8 years that
people foolishly set themselves up in.Maybe it's the mortgage
that stretches them too far. Maybe it's the credit cards that
they max out to the limit to get what they want now!It's
usually not the bump in the road like a job loss or illness that thwarts
retirement it is overall lack of planning and self control with finances.
It all comes down to the fact that people are spending too much and saving too
little AND they are retiring far too young for today's life expectancies.
This isn't rocket science. It is as simple as it comes, but it does require
people to be responsible -- which is the heart of the problem. We have become an
amazingly irresponsible people.
Once again Sammyg is talking about something he knows little to nothing about.
It's fine to have an opinion but his is usually negative unless it abot BYU
sports. This article is about making plans and seeing them mature for
retirement--it is not meant as the only answer to the retirement problem. It is
written as a guide to help inspire readers to think about their retirement. I
retired over ten years ago I am by no means wealthy but quite comfortable, I
have considerably less income than I made while employed, and I pay less in tax
now, and I still have some savings tucked away. I have no special skills that
others do not have. So it is possible. If I can do it anyone can do it. Even
Sammyg and washcommon.
My wife and I had a simple plan after we started over at age 50 and went to work
for a large company: 10% to the Lord, 10% into savings and live reasonably on
the rest.Today, as we look retirement directly in the eye, we owe
only our house mortgage (~$40K) which will be paid off next month. Our vehicles
are paid for. No credit card debt to speak of, a child's student loan paid
off. The company I work for had a savings match. We took advantage
of it. We aren't going to challenge Warren Buffet in this life, but we can
live fine until we die, as far as we can see into the future.Sure
we'll be taxed. Sure costs will rise. Sure we can whine about those things,
but looking at where we started and where we are today, we think we can make it
Sammyg & washcomom need to drink more cool water and less vinegar.
This is nothing new, in fact it is as old as time. Recall Aesop's fable of
the Ant and the Grasshopper (~600 BC). People will just end up working until
they die. I think that was the original retirement plan anyway (Gen 3:19).
Social Security is gone as far as my husband and I are concerned. We are trying
to have some sort of retirement plan in place, but it is looking less likely
more and more with all the confiscating of personal private funds happening. Gas
prices are skyrocketing, Obamacare has reared the ugliness of putting the care
plan onto the backs of the states more so than ever before, which means MORE
taxes to be taken. Wages are not increasing and the economy is in the slowest
climb ever.Yep. We are all losers in this game of life when it comes to
savings for the future.
Really? Anyone surprised about the forthcoming nanny state?Yet
another government 'sponsored' money grab fraught with risk and if you
make it to the end of your 'rainbow' the government is there to take
its 'fair share'.Why would anyone invest in a program to
have their principal, company match and gains (if any) taxed at some future
unknown tax rate which undoubtedly will be higher?Anyone on here
believe they would actually retire in a lower tax bracket????