Save Now or Retire Late

A lot of people around my age are starting to think about Retirement and what age they will be able to retire at. Hopefully they have been saving money in Investments and in their works 401K plans if they have a job.

What is your situation? I meet a lot of people my age that have a lot of Debt but not a lot of Savings. Some have no plans on ever retiring. They just don’t see how they will ever retire. I know some people are financially stable but most people are not there.

Some of the following ways to think about looking into to help you possibly Retire someday;

  1. Get a Financial Planner
  2. Start a Budget
  3. Have Financial Goals
  4. Track your Expenses Monthly
  5. Spend less then you make
  6. Have a Savings Goal (My Boys I hope will always save at least 25% of any money they get)
  7. Pay Cash for things. No need to borrow money if possible.
  8. Ask yourself on any purchase if it is a Need or a Want
  9. Learn to tell people the word “NO”

Some people think if they get the following income sources then they can retire;

  1. Inheritance. Don’t count on that. They may out live you or they may not have any money either to leave you. 
  2. Winning the Lottery. The odds of that are way low and you shouldn’t count on that. You would be better to save that money.
  3. Social Security. That is probably part of what everyone will need to live off of but it will only cover a percentage of your living expenses probably.

Other Income streams to think about;

  1. Starting a 401K at work if you don’t have one. Work with a Financial planner on what you should save to hit your Retirement goals.
  2. Starting a home business. Even if you make only $50 a month that is better than nothing.
  3. Second Job. Almost every business is hiring. If you have to work it might be an option if your body will let you. 

We keep trying to teach our kids the importance of saving money now so they don’t have to Retire late in life or never at all. We hope they live debt free and with in their means. We hope they don’t think they need to keep up with the Jones with a big house or a fancy car. I know I can sleep as well in a 1 bedroom house then I could a four bedroom house. I sleep the best when I am financially stable. I hope that for my kids also. I know things come up in life and it is a roller coaster but we hope they will have a smoother ride through life. 

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

Let me know your thoughts or ideas. 

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