BY Craig Erwin, Ph.D.
SCARY THOUGHTS ABOUT MONEY AND RETIREMENT AT HALLOWEEN
Halloween is a scary time. But what is scariest to me is not having enough money to retire. I want to be sure that, no matter how long I live, my money lasts as long as I do.
HOW TO ACCUMULATE THE WEALTH NEEDED TO RETIRE
How can I be sure that my money will last as long as I do? Much is determined by my actions during my working years. Do I have steady employment or do I spend much of my life unemployed or underemployed? Do I work full-time or part-time? Do I work for an employer that provides a pension or a good retirement savings plan? Does my employer match a portion of what I save for retirement? Do I save aggressively and invest in something that will appreciate, like stocks, bonds, REITs, and rental property? Do I have good employer-sponsored health insurance? Do I buy more house than I can afford and pour money into it? Do I buy new or used cars? Do I spend everything I make? Am I disciplined and able to delay gratification? Do I have a partner who works and spends wisely and also saves aggressively and wisely for retirement? Am I divorced (divorce can wreck retirement plans).
DON’T WAIT – GET STARTED NOW
Lots of little things matter over the course of a lifetime. But don’t wait. Start now. Don’t worry about making mistakes. Mistakes are great teachers. The important thing is to jump in and get started. Start saving and investing and don’t stop until you retire.
IGNORE THE NEWS, HYPE, AND NOISE AND JUST KEEP SAVING AND INVESTING
Another thing. Don’t trade frequently or jump in and out of the market. Ignore the news, noise, and Wall Street hype and just keep investing, come hell or high water. ‘Buy and hold’ is a reliable way to accumulate enough wealth to retire. Get going. Start today!
HALLOWEEN (AND RETIREMENT) ARE NOT SO SCARY AFTER ALL
Now things don’t seem so scary, do they? Happy Halloween everyone!
For more information on how to prepare for a comfortably retirement, read the articles below by clicking on the links.