What does it mean to retire? Generally speaking, this means ending the primary earning stage of our life. Also, you may think about starting a business in something you’ve always been passionate about; others may dream of traveling or exploring a hobby. Either way, it costs money to live when you are no longer working — and it costs even more money if you are thinking of starting a business or traveling to explore the world.
So the real question is, have you started saving money so you will be ready for retirement? Have you saved enough to cover your basic living expenses? Do you have enough to start that new business or to travel and enjoy life?
And if you’re counting on social security, here is a sobering statistic: the average monthly social security check is $1,3001 — that’s just $15,600 per year. This is simply not enough. You will need to be responsible for your own retirement. At best, think of Social Security as a nice bonus, but don’t rely on it to be your main source of retirement income.
So if you haven’t yet, consider ways you can prepare for your golden years. Take advantage of your employer’s retirement plan or open your own IRA if you don’t have access to an employer plan. The key is to take action and to be consistent with your contributions. By being disciplined, you’ll be in control as you reach towards your retirement dreams.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.