Wednesday, October 27, 2021

It's Unlikely that the Seniors of Tomorrow Will Have a Pension

"You can be young without money but you can't be old without it." 
-Tennesse Williams

There's this misconception that the Government will take care of us when we retire and maybe at one time this was true but this definitely isn't the case anymore. Many can't afford to live off of the pension the Government has setup for them, once their own savings have run out today. How likely will things be better for seniors in 10,20,30... years from now?

What's the solution? 

The solution is: Don't rely on a Government pension. Don't setup your life thinking that at the end of it all someone will take care of you. Insure that you are financially stable now and working towards major savings.
If you can't save money now then work towards another degree, another course, another career but put yourself in a position where your earning power will insure future security. Earn like a millionaire and spend like you're broke. No, you don't need 50 streaming subscription, a new car every year or the latest and greatest gadget. Put the money you would normally spend on these things into savings accounts. Invest in yourself by learning a new skill. Start a side business or take a calculated risk towards something that has a chance of a return.

Do what is necessary, while being morally acceptable, to prepare for the inevitable end of life. Don't underestimate how long you will live once you retire. Better have money to spare at the end, that you can give away, than to run out before you move on.

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