Why Is It so Difficult to Retire Today?
A stressful retirement is certainly nobody’s goal, and in today’s show we cover 3 reasons why retirement is harder for you than it was for your parents. There are many more pieces to the puzzle today, you have to make more choices and have the opportunity to make more mistakes; and this alone creates more stress.
Reason #1: Social Security; your parents only had one choice – to retire at 65 and take Social Security; but today there are many Social Security strategies (it actually takes a computer program to figure out the best one!); making the wrong choice could cost you up to $200K for the course of your lifetime
Reason #2: pensions are becoming a thing of the past; it’s often your responsibility to set up your own retirement savings plan, and if you don’t start early enough or do it wrong (or both), you could run out of money before you run out of life
Reason #3: people are living longer today than their parents; you have to plan for decades in retirement, not just one decade or so