They say that time flies, and it tends to do so much faster as you get older. This is something to keep in mind if you want to be able to retire someday.
Retirement is not something that you are guaranteed. To break it down to its simplest form, just about everybody works because they can’t afford not to. So you’re going to have to be able to finance your lifestyle without working if you want to retire, it’s as simple as that. And the vast majority of people are going to have to engage in some careful long-term planning to put themselves into this position.
It would be logical to assume that a lot of those who find themselves unprepared were going through life thinking that Social Security would be enough to live on. They may never look into it until they get close to their full retirement age as defined by the Social Security Administration. Many are unpleasantly surprised when they hear that the average monthly Social Security payment last year was just $1072.
This is not going to get you very far, and we are living during an era when very significant budgetary cuts are looming. If you have been paying attention to the news you know that cuts to entitlement programs for seniors are a very real possibility.
The onus is on you to be proactive about preparing yourself for retirement. It is common sense to try to save as much as you can, but debt reduction is something to take seriously as well. You pay interest on your debt, and in many cases the rate is going to exceed interest you may accrue by saving money. If you extinguish your debts before your retirement age arrives you’re taking care of one of the obstacles that stand in the way of a comfortable retirement.
To devise a plan for the future that includes an intelligent debt reduction strategy, take action right now and get in touch with a good retirement planning lawyer to arrange for a consultation.
- What Is the Best Way to Plan for Incapacity? - September 17, 2021
- What Is an ILIT? - September 14, 2021
- Estate Planning for the Beginner - September 3, 2021
