When I ask people how they envision their retirement, especially younger individuals, they struggle with that question. Envisioning retirement can be different for a lot of people. For me, I absolutely love every minute of what I do. I cannot see myself retiring completely, at least not at this point.
What’s worse is that eight years after 2026, in 2034, social security is slated to become insolvent. Unless, of course, the government makes another announcement and tells us that the cheese has moved again, and we will be less secure than we thought we were even just a year ago.
What happens when someone doesn’t want to wait until 59 ½? Can they access the funds earlier? The short answer is yes
We are all players and use our financial education to improve our wealth and those around us. You can win as long as you understand the basic rules of the game.
One of the easiest ways to keep saving and investing goals is to set up automatic deposits or investments. Payroll deduction for 401(k) contributions or reimbursement accounts are great examples – you never have possession of the cash, so you don’t feel the pain of taking it out of your spending money. Contact your human resources department now about starting or increasing your contributions.
While the basic premise of “save & invest” is commonly understood, why do most people fail to do this? More importantly, how is saving money, when most people earn ordinary income, coupled with inflation, advantageous in a low to zero interest rate environment?