Preparing For Retirement Doesn't Have To Be A Financial Drain
Saving for retirement is no longer an easy option
. It is an important necessity. However, few people start saving early enough and too many end up with less than what they need when they finally retire.
When we are in our twenties or thirties, we typically refuse to acknowledge that we will eventually get old and need to retire. We are busy climbing the corporate ladder, having kids, traveling, and ignoring what's best for us in the future. A future that is too far away for us to reasonably consider.
Some people put it off because they believe setting up funds and accounts and tracking changes and understanding terms is just too time consuming to deal with. It's not difficult, it's not time consuming. The hardest part is just being able to understand inflation and putting away enough so that when the inevitable retirement date comes to pass, you aren't trying to live on the same monthly income you did thirty years before.
Investments used to be the way to go. Buying and holding blue chip stocks for the long term was advocated by every financial expert from insurance companies to investment firms. However, over the past few decades there have been some serious ups and downs in the stock market and some of these blue chip stocks have crashed to levels never thought possible and are being replaced by newer companies and stocks that show promise.
Investment portfolios have suffered substantially for many. For people who did what they were supposed to, and invested early on in their life, these same people might be suffering from significant financial losses that may not be recoverable before retirement age arrives. No matter what type of investment account you had, it probably had some severe losses.
Anyone who began investing after college in perhaps the early 90s, should be doing well. Rather than investing in the blue chip stocks their parents probably had in their own portfolios, they are tech savvy and investment savvy. They do their own research and make some excellent decisions. Some of these portfolios will easily let their owners retire very comfortably in another thirty years or so, or sooner.
It doesn't matter how you save. You need to manage your money, watch your funds, and pay attention to what is happening. If you have investment real estate, know when to hold it and know when to sell it. Relying only on real estate in today's market can send more people to financial ruin than a comfortable retirement.
Many financial analysts are now recommending much less aggressive types of investing and are suggesting less volatile avenues such as bonds or even CDs. For those who cannot afford to take any risk at all, focus on an old fashioned savings account or a money market account.
by: Plius Phoe
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