If you were to Google “how to financially prepare for…” guess what would come dead last? Retirement. Pregnancy, divorce, college, a recession, and moving out of your parents’ house all beat it on the list! But that’s a problem, because retirement is arguably more costly in the long run than any of those things.
There is an old verse that reads: where there is no vision, the people will perish. That might sound a little far removed when it comes to our retirement or, is it? Retirement may look different family to family, but it does have a serious impact on everyone, not just the retiree. The burden rests on everyone’s shoulders and its not just a financial burden, its the mental and emotional burden that comes with it. In addition, future generations struggle because good financial habits were not passed down.
There are many studies that link death (perishing) with running out of money. In fact, a study of 3,257 people found in US News indicated that 61% fear running out of money more than death itself. It’s been the cause of suicides by people that I have personally known and there are correlations that have been found in the timing between little money and death in old age. Planning with a vision towards our future can thwart a bad ending to your story and give new hope to your heirs. Tom Watson (founder of IBM) said something about his company that translates nicely regarding us having a vision for our own future.
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