The Current Retirement Reality
by Chad Coe, RFC
As children, we all fantasize about what we want to be when we grow up. Dreams of becoming a doctor, lawyer, astronaut, movie star, police officer, and a host of other possibilities fill our head. But before we know it, our future is upon us, and we’re still asking the same question, “What do I want to be when I grow up?” The only difference is that now we’re inquiring about our retirement future rather than our middle age one.
The traditional view of retirement is quickly changing. No longer do people dream about days of idle leisure. Today’s retirees want to recreate their life by pursuing new careers and starting their own businesses. In fact, a vast majority of investors expect to continue with some kind of work after they reach age sixty-five. Whether retirement to you means traveling or starting a new career, early aggressive planning is the key.
The news that retirement means something different to today’s working generation is not surprising. The state of our Social Security system demands that people change their view of retirement if they want to live comfortably in their Golden Years. The fact is that the United States government never intended Social Security to fully finance an individual’s retirement. They designed the system as a “safety net” and envisioned it as a supplement to traditional pension funds. This idea worked well in the past, as the average life expectancy in the 1930s was 60.8 years for men and 65.2 years for women. However, because people are now living longer and healthier lives, the Social Security system is under increasing strain to support the needs of retirees.
Unfortunately, while many people proclaim to have various ideas for how they
want to spend their retirement years, few have given much consideration to how they are going to fund those dreams. Early planning and consistent action are the tenets all investors must follow if they want to reach their retirement goals. Starting early is important because the longer you put off saving for retirement, the more you will have to save to maintain the same standard of living you had while working. And consistency is vital as well, because the power of a retirement plan compounds with steady, long-term oriented investment decisions.
So as you dream about your Golden Years, educate yourself about today’s retirement realities. Read, ask questions, and learn as much as possible about your various investment options. And don’t forget to speak with your financial advisor so you can develop a customized plan that will help you meet your retirement goals.
Your retirement years can be the most enjoyable of your life provided that you plan accordingly. Take the steps now so you can live the future of your dreams.
To discover yourCurrent Retirement Reality, contact Chad Coe, RFC President of Coe Financial Group, Inc. in Deerfield, IL Contact him at 847 444-9444 or chad@coefinancial.com.
Securities Offered Through First Allied Securities, Inc. A registered broker dealer, MEMBER FINRA/SIPC
