Since people live longer, their retirement lasts longer, although more people are choosing to work longer with the economic conditions, if they can.
People work their whole life to enjoy the post-work life.
Naturally, retirement is not something to look forward to if you are going to struggle financially.
The income from social security is typically not enough for many retirees to get by on. Many people have to count on pensions or other forms of income to make ends meet, or do the things they have always wanted to do it retirement.
That is why it is so important for all of us still working to look ahead. Nobody knows what social security is going to be like when we retire, or if social security will still be providing retirement income.
So, we all need to plan ahead. We need to start saving and make saving a part of our income a priority. Also, look for ways to cut your expenses. Do you really need satellite television with 240 channels? Or to trade autos every two years?
Just think how much you could save by cutting out a few things like the times you eat out every week, or that double frappe cappuccino you get every morning.
Not counting interest, if you could save an extra $10 per week, that is $520 a year. In 10 years, just that meager investment would total $5,200. Double the $10 per week and in 10 years that would be $10,400, not counting interest.
Of course, that wouldn’t make sure you live comfortably in retirement. But do that for 30 years and you would have a nest egg of $31,200.
Most financial experts say you should save 10 percent of your gross income. For most of us, that is tough. But you should start at a smaller percentage and work your way up to the 10 percent.
And that would make the golden years much more golden.