The general consensus is that most people retire poor. How is this possible especially in the context of the Real Estate Industry? Any ideas as to why this trend is continuing? Any solutions?
Hardy
Subscribe to this post's comments using RSS
Poor planning. Most people do not plan for their future because I find most people find relief in thinking that tomorrow is not promised. But when tomorrow does arrive, they remain in the same cycle of "tomorrow is not promised." So they don't save for the future, assuming that they have time - but when time catches up with them. It's too late.
Education. If more people understood the law of economics, inflation and remained keen to the value of the dollar, they would understand that there is no better day than today.
It's not all that complicated. Did you ever hear the comment, "If I knew I was going to live this long, I would have taken better care of myself!" ? Same concept applies to health, education, and money.
Defer some of today's indulgences and do what will put you in better shape for the future. Because tomorrow WILL come and you can be unhealthy, uneducated and poor, OR fit, smart, and financially secure.
The choice is yours, but it has to be a lifelong philosophy....
Ken
I'm starting to think "retirement" is a scam to get funds into the market from people who think they're going to retire comfortably. For the majority of people it isn't going to happen that way. I know someone who works for $7.50 per hour, and the company has started an automatic 401K plan. Guess how much goes into it per year? maybe $700. I am sorry, but that is not going to cover living expenses. So, wondering what the big deal is about 401K and similar plans, I found that there is a discrimination law or something that won't allow the top income people invest in these things either unless the poorer employees invest a certain amount as well. hmmmm.
People didn't retire 100 years ago, and it is a fairly "new" concept when applied to the masses. My curiosity is for when did the idea start that everyone can retire at 55 years old. It's a scam in some way even though some people will benefit from it. Definitely not the masses, so please stop telling people to live below their means. If you're poor, you're poor, and you are not going to retire in the sense that our consumer society portrays. People should just be honest about it.