Young People Who Want to Have Money and Retire

by Nick on October 5, 2017

If you’ve ever taken a look at American retirement statistics, you probably left feeling a little glum about the financial future of many people. It’s true, most people nearing retirement age are not prepared for what comes next. With programs like Social Security being pushed to the breaking point, there are many older Americans who are truly entering a time of vulnerability. If you are a younger person and don’t want to find yourself in the same situation a couple of decades down the road, it’s time to get serious about making that happen. No one’s going to do it for you. Fortunately, it isn’t as hard as you might think.

People who have the easiest time of retiring are either 1) very lucky, or 2) make a good plan early in life and don’t deviate from it. Not everyone who retires has to have great earning potential. But retirees in this case do have to acquire a kind of sophistication that is easy to avoid through laziness or lack of attention. Having a good plan for retirement is kind of like having a budget for your entire lifespan. If you follow it to a tee, you’ll be likely to have more than enough to live once you decide you no longer want to work.

The foundation of preparing for retirement is getting your daily finances in order. First, you’ve got to earn enough to make your life worth. Earning income is the engine with which you’ll run the rest of your financial life. Even though you don’t need to have high income to retire well, it sure doesn’t hurt. If you are able to increase your earning potential, do so. It will make everything that is to follow much easier.

Once you have income worked out, saving, investing, and staying out of debt will make future retirement much easier to achieve. These are basic skills, but many people don’t practice them and thus cheat themselves out of the retirement they’d like to plan for themselves. If you don’t understand the basics of living beneath your means, take some time to learn and apply them.

Once you’ve put yourself on the road to wealth generation, through earning, saving, investing, and asset acquisition, it’s time to start to preserve what you have. Life insurance companies offer many packages which will protect your wealth moving forward, no matter what happens to you. Adjusting your portfolio balance to protect against sudden market turmoil. Spreading out money into diverse asset classes is another classic way to protect against uncertainty in one or more areas.

Retiring isn’t going to be easy for young people alive today, but with effort and determination it will be more accessible than many presently think. Just because many people nearing retirement today don’t have the resources saved up to do it, this doesn’t mean that the same fate has to befall the young people of today. As time goes on, this seems to be the goal of more and more young people. Get aboard today!

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Todd Weitzman November 15, 2017 at 3:56 pm

Retirement is a debateable word these days. Who would want to retire doing what they love in exchange for a lesser salary. What to do with your time when you actually do retire. Two valid and different question we need to ask before taking the plunge into retirement funding!

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