Retirement. We look forward to it. If we are smart, we put money away for it. But when we are working toward it, we have no idea what it’s going to look like or feel like. How can we? It’s impossible to know what you don’t know.
One thing that strikes me is that our bodies become higher maintenance as our income potential shrinks. That might be the most important thing to consider. Look around at those who’ve already retired…lots of cane and walker users. Even some wheelchair users…there aren’t cane/walker/wheelchair faeries; and quite often these devices are not covered by insurance. Yup. You guessed it! On your decreased income it is conceivable that you will have to purchase two to three of them…it’s a progressive sort of thing.
Progressive sort of thing. Wow! That was a godbreeze. It really is exactly that. You go from making noise when you get up out of bed, or up out of your chair to needing a cane to help when that knee or ankle starts to misbehave.
I’ve read moderates who say 20% of your wages need to be toward retirement, but…if you want the kind of carefree retirement we see on TV and in the movies…you really need to save half of your income for retirement and that begins at age 18. Our politicians have proven that they will allow rampant inflation which will eat up your retirement in about a heartbeat.
I know most kids who read this won’t save towards retirement, but if they’re smart, they will. Live within your means. If you are making $ 70,000 a year; live on $35,000 and put the other $35,000 into a retirement account and roll the interest right back into it. I wish you happy retirements and frugal lives.