As the wise George Foreman is known to quote, "The question isn't at what age I want to retire; it's at what income.'"
There are questions that plague us all. "At what age can I afford to stop working?", "How much do I need to retire comfortably?", "When I retire, how long will my money last?", "Will I live long enough to be able to enjoy my retirement?", "Do I need to keep on working when I reach retirement age?".
Not all of us have the privilege of inheritance, winning the lotto or marrying into money, so these thoughts do cross our minds often. But for a lot of us in the workforce, we are so caught up with the day to day rat race that we do not have the time to really tackle this relevant life issue.
Having worked as a Physical Therapist for over 28 years now, I have the privilege of meeting interesting people from all walks of life.
Meet Beth (not her real name) who is 71and was referred to us for treatment after a broken hip and fractured shoulder from a fall. She is a realtor, still showing homes and although she told me she hasn't sold a home in a year, she keeps her license active as she cannot afford to retire just yet. She added that she lives alone, still pays her mortgage, relies solely on her social security income and could hardly afford to pay her $20 per visit co-pay for physical therapy treatments. Although she needed more treatments, she could only come three more times. She still could not walk far without a cane, still has pain and could barely drive. I still call on her to make sure she can avail of other community resources to help her through her ordeal.
There are a lot more Beths trapped in similar situations.With the current trends in our healthcare system, more people are unable to afford access to specific treatments because of high insurance premiums and high co-pays.
More dilemmas face millenials and baby boomers alike. There is the looming disaster of Social Security and Medicare being non-viable by the year 2034. Retirees and seniors are having to work through age 70 and beyond. Life expectancy now being longer and the ever rising costs of healthcare is becoming an issue.
As per the SSA (Social Security Administration), thirty six percent (36%) of retirees rely on their SS income for up to ninety percent(90%), even up to a hundred percent (100%) of their total monthly income. I see and meet this people everyday in my line of profession and they are very verbal about their financial concerns.
One spunky 90 year old gave me the best advise: "Don't get old!"
Recent surveys also indicate that more than forty percent (40%) of current workers plan on working until they are able (even as long as 75 years old) to maximize the social security benefits they will receive the longer they work. However, who can predict how our health will be when we reach that age, or if we ever?
Moreover, more than fifty percent (50%) of workers have had to leave the workforce early due to many reasons. This can be due to their death or death in the family, needing extensive medical care, corporate downsizing or closings or having to care for an ailing family member or loved one. These life events can derail one's retirement planning.
A Nerdy Insight from Nerdwallet.com indicate that you should have saved twice (2x) the amount of your annual pre-tax salary by the age of 35.
So if you make $50,000 annually, you should have already saved $100,000 by age 35. Quite a tall order, isn't it? Whewww!
Although preparing for our so-called "Golden Years" can quite be a big cause of anxiety for us the hardworking lot, there are still options according to the financial braniacs of the financial world.
According to these financial advisers, there is still time to work on your nest egg. More in-depth information about these options are available online,and you may already have these plans in place.
1. Traditional or Roth IRA
2. 401K or any simlar employer sponsored plans.
3. Investing in Stocks.
4. Other investments (Real Estate, Franchises, Business, etc.)
YOUR OTHER OPTION: ONLINE BUSINESS
What if there was another way of positioning yourself through a proven system where you could tap into your potential and optimize your income towards your life goals? With the advent of new technologies and the advancement of the worldwide web, dissemination of information has been faster. Almost everyone is connected through social networks and communication is almost all the time, real time. Online opportunities abound and ready for the taking for out of the box thinkers and innovators. More self-made millionaires have been created through digital and online marketing platforms than the conventional franchise owner or businessman.
1. Little or no investment to get started.
2. Very valuable and step by step learning on how to get started and how digital marketing works.
3. Proven systems that have launched self-made millionaires within the organization.
4. Different levels of business positioning depending on your personal goals and capacity.
5. Excellent, knowledgeable and very responsive member support system.
6. Great tools provided for optimizing social media to grow your business.
7. The opportunity of mastering digital marketing and establishing yourself as an authority because of your personal results.
8. Great learning systems and strategies that can be applied to any online business of your choice.
9. The opportunity of interacting and learning from very successful members who are willing to educate and share their knowledge to help you succeed.
10. Better than going through a 4-5 year degree to get paid a capped salary and still trading time for income.
IT IS NEVER TOO LATE.
I have had the privilege of knowing people who followed a different road map. People like you and me, single parents, average workers, college students, business owners and hardworking professionals. They carved their own path and overcame their fear of venturing into the less trodden path of online business entrepreneurship. And today are living the freedom lifestyle and enjoying the fruits of smart labor.
It is truly inspiring to see proof that even a humble truck driver who fearlessly plunged into this business would realize his dream lifestyle of world traveling and is making more money in a month than a hardworking professional would, in a year!
There is even a lawyer who gave up his high paying corporate job within months of doing this business; also a regular working mother who barely had any budget to get started but through hard work and diligence through this system, both are now making six to seven figure incomes making a significant change in their lifestyles. They are only a few of the many great achievers within this group who are awe-inspiring with their humility and down to earth disposition regarding their sucess.
Take heart, restore your belief in yourself and take action. Listen to your heart and look for what feels good and right for you. Learn, try and persist. After all, you are your own retirement plan!
Allow me to share this very valuable opportunity that I hope would make a difference, one that will be the forerunning light in your path that would enlighten you to a better life for you and your loved ones.
I believe we all have the same opportunity to break out of the mold, that people are naturally gifted with the capacity to explore their potential to prepare for the future, take care of their families and live the life they dream of.
The only difference? It is he who takes that first step and takes the plunge who gets there.
"Keep only those things that speak to your heart. Then take the plunge and discard all the rest. By doing this, you can reset your life and embark on a new lifestyle." Marie Kondo
Looking forward to connecting with you and also with my upcoming posts! I welcome your feedback and would love for you to share with me your personal experiences about the rat race!
Have a wonderful, productive day!
I invite you to avail of the FREE ONLINE BUSINESS START UP BUNDLE below.