People aren't retiring, Why Do you think? In this second part, I go into detail on whats going on.
So Many People Will NEVER Retire
Not only do we get the short end of the stick, But no one is guaranteed retirement.
I worked with older women at the hotel. And they made me nauseous. They were some of the kindest people. But they were dirt poor. They had this incredible work ethic. But they were older, And they would probably never retire either.
All of these realizations made me realize; I NEED TO ESCAPE!
Many people don't retire by choice; They like working. They need things to do. But a lot of people can't afford retirement unless they significantly drop the quality of life they are living.
What the heck is going on? Why is it, That so many hard-working Americans who put in their 40 years Aren't getting the freedom they deserve?
People Don't Start Saving In Time
I started my retirement saving at 18 years old.
I put it in my IRA with UPS. But I quickly realized I don't like these retirement plans. Besides they didn't match it. Instead, UPS gives you a pension.
So I took the money out and invested it on my own, And today it's still invested. I also didn't like the thought of them telling me when I could have my money, Especially when the age seems to keep going up. To me, 65 and 1/2 seem too old to retire, And I hope I can somehow retire sooner than that.
Many millennials aren't even saving. This could be for a variety of reasons of course. But it's important to save SOMETHING. Even if it's only 1.00 per day.
Treat retirement savings as a tax. I mean, The government so rudely forces you to pay tax, They take your money, and you have NO SAY in how it's spent. Pretty ridiculous right? You still survive even though you have someone "stealing" funds from your paycheck. So do the same with your retirement. Rob yourself a little every paycheck and save it.
This adds up over time.
We Live Longer
This is making things more complicated, With technology advancing, we have the gift to live longer. Does that mean we should work more than 40 years now?
I won't, But if you want. That's a choice for you.
This means we have to save up more money for retirement, Which can be difficult.
We have to plan accordingly. You can always cut expenses down and live a cheaper life. This will give you leverage on saving more.
Our Health Is Deteriorating
Oops, I lied. If you live somewhere besides the U.S., then you will probably live longer. But health in the U.S. Is deteriorating.
Big surprise huh?
That means you'll probably live a shorter life, But you'll have to pay more in health care costs. This is something that can affect your retirement amount.
Older Discrimination
Maybe working for a longer period of your life, Doesn't bother you.
But there is a factor you also have to take into account as you get older. And that's discrimination. Even though it's illegal. Many employers are still guilty of doing it consciously or subconsciously. This can affect your chances of getting a job that you want. You may end up at really crappy jobs.
fewer Employers Have Retirement Accounts
Many smaller companies can't afford nice retirement benefits to their employees. And with more people starting their businesses we are starting to see more small businesses. This can make it difficult to save for retirement when you have a job that offers no extra incentive for saving.
Also another problem with people who do have access to a retirement account. Many aren't even saving it. Some employers will match your contributions which add up way fast! A 1,000 deposit. Means you get a 2,000 deposit later. Who doesn't like free money?
Conclusion
There are a lot of reasons to why people aren't retiring these days. And it's scary. If you want to have the OPTION to retire, You need to do something about it now.
I became self-employed, so I feel like I've somewhat retired already. A self-employment is also a great option if you want to retire early. Although like everything else it has a lot of risks. But it also will allow you to have a more flexible lifestyle.
Do you know people who haven't retired yet? Do you know why?
What Is your Goal With Saving?
Have you Started Saving?
@lauralemons Drew me !
