Let’s Tackle a Big Problem
I read somewhere that we should “Tackle Big Problems.” Retirement today is one of those big problems. The reality is that most of us will never reach those lofty net worth numbers that well-meaning financial analysts keep repeating. We hear people talking about it at work, family gatherings, in the news, and on the Internet. There is lots of information out there telling us to save more and how we need a million plus dollars in retirement savings. There is much less about the reality that many of us will never reach that goal, and what to do about it.
If you are one of those people that will never reach 2 million in retirement savings this blog is for you. I want to expand the conversation beyond “you must save more” to discuss what to do if you can’t, or what to do if you are already there with a much smaller nest egg. More than that we want to talk about how to thrive in that situation.
Glass Half Empty / Half Full
If you follow the media the whole retirement experience seems to be all doom and gloom. We read about how no one is saving enough for retirement. People plan to work into their 80s. No one over 50 can find a job. Medicare and Social Security are bankrupt and must surely end. Like most things we read in the media there is some truth to it and that truth can’t be ignored. However the old saying that bad news sells may be at work here and there is a lot of good news out there that doesn’t get as much coverage. People are living longer and many times healthier. Medicare and Social Security will eventually be modified somewhat but will not go away. While many employers do discriminate against older workers some do not, and some even prefer them. The Internet alone is providing opportunities for access to information and business opportunities that are truly game changing. This blog will look at the good and the bad. However we hope to present an alternative, useful, and positive viewpoint.
A Different Way of Thinking
What is needed is a different way of thinking and problem solving. Retirement without a giant net worth means you have all the non-monetary things to think about, like what are you going to do for the rest of your life? But is also means you need to think a little outside the box, and not try to live up to the unrealistic ideas sold to us by the retirement industry.
Yes, a Budget is Important, But…
Money is an important part of the puzzle, but only a part. Equally important are things like health, meaningful work, helping others and how we occupy our time. Actually if you take care of some of those other pieces you might find the money part just falls into place. For example depending on your health your monthly health care expenses might be $100 or $2000+, a big difference indeed. Occupying your time with a hobby that also makes you a little income can bolster the income side of your budget. And let’s not forget that all the money in the world is useless if you are miserable.
Challenges
What will we do with ourselves?
So what will we do with ourselves? Well for one thing most of us will work in some fashion, either for somebody else or for ourselves. That’s not a bad thing as it probably means you will live longer and happier. We can discover hobbies we had never before even thought of. We can help others in ways that were not possible before. Travel is a great idea, in new and novel ways. In general we can reinvent ourselves in ways we never thought possible.
Closing
I thank you for joining me on this adventure. This blog isn’t meant to replace all the retirement information out there. It is meant to make you think and open your eyes to alternatives. We’ll explore those alternatives in the days to come.
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