As I talk to people about retirement and planning for retirement, I sometimes come across someone who replies, “I love my job, I don’t want to retire” or they say “I will never retire”. So, for those of you in a similar situation, what should you be doing differently than everybody else who wants to retire someday.
The first thing you should know is that you definitely need to save for retirement anyways!
First let’s define retirement. The term “retirement” is being redefined as our lives change. Rather than seeing retirement as a time to sit under a palm tree, many of us now see it as an active endeavor. In fact, many of us see retirement as a “working” retirement. You may not be working for big money, or any money at all, but you could be working on personal ambitions. In this sense, most of us will never “retire” from life.
Given this, I want you to think of retirement in this way: Retirement is a time to do precisely what you want to do, without the fear of running out of money.
In addition, let’s be realistic. You may enjoy your work now, but will you still feel that way when you actually reach retirement age? Planning your future with the assumption that you won’t change your mind or that situations don’t change is a risk that doesn’t seem wise.
Proper planning for retirement will afford you more choices as to what type of retirement you want to have. If you have done all the proper planning and you still decide at 65 or so to keep going, then nothing is lost. You can just continue to keep going. But it’s your choice.
On the other hand, even if you never end up wanting to retire, you must understand that you might not get a say in the matter. Layoffs, gov’t intervention, economies change, regulations and laws change, or you just get sick or ill. All these are things that happen in life. Over my many years in business I have seen all types of forced or unplanned retirements. Some which had absolutely no impact and some that didn’t end up very well.
Rather than taking anymore valuable time, let me just say that to neglect saving for retirement just because you assume you’ll be able to work as long as you want puts you at risk. Reaching retirement status needn’t be mind boggling. The precise age that each of us finally enters a lasting retirement will differ greatly, but planning for retirement early and then later investing throughout your retirement is critical. One day, when you turn around and see retirement close behind you, you’ll be very glad that you did.
If you are looking for a brief, plain-English introdution to investing, don’t forget to BUY my book, Dirty Filthy Lies My Broker Taught Me & 101 Truths to Money and Investing. Order my book now and I will also send you my Investor Awareness Guide and listen to our The Seven Deadly Investor Traps that Destroy Your Wealth and the Three Power Strategies to Fix Your Portfolio Fast! These materials will equip you with the information you need to begin putting your investment experience back on track.
Wealth and Business Planning Group, LLC (The Financial Quarterback™) is a Registered Investment Advisor in the State of Florida that provides Fee Planning and Asset Management. Depending on your state of residence, Wealth and Business Planning Group, LLC (The Financial Quarterback™) may not be able to immediately provide services. For more information go to www.thefinancialqb.com.