The Late Show – HumbleDollar

I’VE BEEN INVOLVED in retirement planning for more than 50 years. Back in the day, my job was to calculate the pensions for 20 to 30 workers each month by hand, using multiplication and long division. Many of those new retirees were poorly prepared, but they did have a pension.

Here we are in the 21st century and I see little has changed. Lack of planning, lack of savings, widespread misinformation and reliance on inaccurate assumptions still plague Americans.

Want to make sure you’re prepared for retirement—and make the most of it once you quit the workforce? Here are 10 pointers inspired by 10 American and British television shows.

As Time Goes By. Few folks think about retirement when they’re age 25. Hey, there’s plenty of time, right? Anyone who is already retired knows that isn’t true. Where did the time go? Retirement savings must start with that very first job.

Keeping Up Appearances. As our income rises, the tendency isn’t to save more, but to spend more, so the Joneses know we’ve made it. Have at it, I say, provided it’s done after you’ve set aside money for your future—and provided you aren’t financing your spending with debt.

Last of the Summer Wine. Nope, once retired, you won’t be fishing or playing golf every day and, after a few years, you probably won’t want to. So what’s the plan? Maybe plan isn’t the right word. Few of us have a plan for how we’ll spend our time over the next 20-plus years. In fact, much of your time will end up being planned for you. Trust me, it happens. Still, take the time to think about what you’d like to do, be it traveling, regularly having lunch with friends, volunteering, taking college courses or simply reading. My wife reads two to three books a week. Me, I’m reading a history of the world. It may take a while. Yeah, and I write a lot.

Waiting for God. What drives me nuts, and I find very sad, is the worker—most often it’s a man—who thinks of retirement income as his or hers alone, ignoring the possible needs of a surviving spouse or partner. Don’t do it.


Source: The Late Show – HumbleDollar

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