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Are You Preparing for Retirement?

December 12th, 2009 at 10:50 am

Do you sometimes wonder where the years have gone? My thirty's is like a blur. Oh yeah, I remember I had my daughter when I was 35 years old, but what happened before and after that in my thirties? By the time you get use to writing the latest year down, we are already heading into the next one. Time moves swiftly and quickly. And when you look around, you are older, hopefully wiser, and wondering how much time do I have left to reach my goals. .

I meet people daily who dream of retiring one day, but many have never actually implemented a plan of action to make it happen. Retirement doesn't just happen with a hope and prayer, it takes time, preparation, and planning. Regardless of how old you are, one day you will want to stop working or at least work part-time. Do you have a plan to make it happen? Do you or your spouse have a pension? Have you set aside money in your 401K or IRA's? Do you still have 20 or 30 years left on your mortgage?

In this economy or any other, you cannot put the responsibility of your retirement on a company, spouse, or government. Nothing is promised forever, therefore, regardless of your situation or circumstance, it is your responsibility to look out for you. Whether you are married or single, you have to take the responsibility to make sure your future is secure financially. It may mean putting money in a different account for your retirement.

My sister who has two sets of twins, and had always been a stay at home mom decided she wanted to save since her husband is not a saver. What did she do? She got a part-time job in the evenings, stocking shelves, and saved $50,000 in just three years to go towards their retirement. They are only in their early forties, still relatively young.

What about you, what are your financial goals for retirement? Are you working towards meeting them? If not, what do you plan to do?

5 Responses to “Are You Preparing for Retirement?”

  1. gertymac Says:

    Retirement is our next big financial step. We're starting at the beginning of 2010. I'm rather excited about it.

    Our plan is to take $5000 from our tax return this year (bought our first house so we're expecting a much larger return than usual) and opening an IRA for my partner. My employers puts the equivalent of 10% of my salary in a Vanguard target fund as a retirement plan. I'm going to contribute enough to that fund this year to give us a total of 15% of our gross income in the IRA and Vanguard fund by the end of the year.

    We're 26 yrs old, and if we can keep our retirement savings at 15% per year or higher, I think we can have a comfortable retirement.

  2. CouponAddict Says:

    I am trying but even though I am 33 (some say that is not late), I feel like I am behind the power curve and need to put excessive amounts of money away to be able to get where I want to be.

  3. DeniseNTexas Says:

    And then there are people like me, age 47 and the man person, almost 57. We're so ignorant about investing for retirement that we don't seem to be able to *do* anything but talk about it. From there we're kind of lost. Honestly, we're afraid, too. We don't have time to recoup big losses and we don't have a lot of faith in the stock market. Grr!

  4. sharmanl Says:

    Denise,

    You can put your money in a fixed-rate CD, Individual Retirement Account (IRA) or money market. Start small with $50 a pay period and increase it as you can. At 47 and 57 you definitely want to start immediately.

    Look at your budget, determine an age you guys would like to retire, eliminate any wasteful spending, and come up with a plan to start agressively saving as much as you can each month. Come up with the plan together in unity, make it realistic, and check in weekly to stay accountable to your financial goals.

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