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Retirement Planning In The 21st Century

Should you retire?

There are many reasons to keep working. Maybe you have an emotional attachment to your office chair, or maybe you think your work is too important to leave behind.

In fact, there are many reasons for leaving and many reasons for not leaving. For most people, a 30-year career is enough. But is early retirement realistic for you? Let’s look at a few things.

When you’re 50, the government says you’ll live another 33 years (from Social Security’s actuarial tables). 33 years of retirement could be longer than your entire working life.

With advances in medicine and technology, life expectancy has skyrocketed, and you might want to consider retirement in 40 years. Maybe you should ask another question. Should you retire first?

Rising costs and political uncertainty have left many wondering about the future. That alone makes figuring out how to fund a successful retirement and how to make the most of what we have is extremely important.

How much does retirement cost?

Besides travel, golf, fishing, and lacy lessons, what else do you want to have on your schedule? How Much Are Your Retirement Expenses? Do you have enough income to do it all? If you’re still saving for retirement, how much more do you need per paycheck to raise that much money? good question! Let’s get the answer!

One thing I didn’t think about was inflation and how much it would cost in 15 or 20 years. After all, if you look 20 years into the future, you can bet that a $50,000 annual income that looks good now will require a lot more to buy the same things as it does today. Inflation can affect the flow of your money.

But what happens to inflation over the years? Any number you come up with will probably be enough to get you through your first year of retirement. Can we guess what the inflation will be and estimate what effect it will have 40 years after that?

Where to retire?

where are you going to live With any luck, the mortgage will be paid off, so you only have to worry about property taxes and maintenance. Maybe you could sell the house and downsize to a smaller place in the warmer climate. Certainly better than having to shovel snow at 70, even if it’s farther away from family and friends. Also, you never see the kids anymore, they can always come and visit them.

You should probably also consider insurance. You may now have a group policy for disability, life and health insurance through your job. In fact, your employer may pay some or even all of the premiums for this wonderful coverage.

If you retire, you may lose this coverage. What will happen to your spouse and family if you are not considerate enough to die young? If (heaven forbid) you should be permanently disabled, how are you going to pay for a critical illness or hospitalization and all your attending physicians?

You might forget about getting government help. You are too young to apply for Social Security or Medicare. Government assistance may not be enough to cover survivors and all medical expenses even if you qualify? If so, what are your options? What about long-term care costs, if needed?

Now you’re probably thinking, “Well, maybe I should have a few more kids to help with my retirement.” Don’t worry, you don’t need more kids. But you may not be able to leave your job. I’m just kidding. I’m sure you can retire at any age without increasing your population or being tethered to a desk.

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