Financial Freedom: Will You Have To Work During Your Retirement Years?

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    senior citizen workingDid you know that McDonald’s and WalMart have the highest employment rate of elderly people? I know you’ve seen them: greeting at the door, checking your returned items, slowly taking your order at the drive-thru window, cashiering.  Will that be you?  Will you have to work during your retirement years? Sadly, most people will not be in a position to retire from working until they are well into their 70’s or even 80’s.

    Most times when I sit with a client I ask, “At what age do you want to retire?”  They often say, “Tomorrow” to be sarcastic or “By 65,” to be hopeful.  The reality is, if you did not start stacking your chips early, it is unlikely for you to have what you really need by the time you reach retirement age.   I know you may be reading this with a little side-eye but it’s the truth.

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    If you are in your mid 30’s, early 40’s or later and you have not started investing your money aggressively before now, you are going to be in trouble in the next 20-25 years – unless you receive a large sum of money.  Some people are disillusioned to think that Social Security will be available to factor in to your retirement needs.  Have you read that statement lately?  It clearly tells us not to depend on that system and to create other means of survival during your latter years.  It all boils down to saving your money.  Although you may not have had the education necessary to understand the importance of the “Rule of 72″ or the “power of compound interest,” it is still in your best interest to establish something that will help you achieve your ultimate goal, independence.

    Read: Financial Freedom – Are Baby Boomers Outliving Their Income?

    Discipline is the key in order to have money for the future.  You have to be willing to make some sacrifices now so that you don’t pay the high cost of waiting later.  If you don’t, you will find yourself coming out of retirement to work another job to make ends meet.  Real talk!  What I love is, it doesn’t take a lot in order to have what you need down the road.  You don’t have to have goo-gobs of money, you just need to know what to do with what you have in order to be able to achieve a significant reward.  That’s where meeting with a financial professional is going to come in handy.  You need someone who can assess your needs, find out what you want and help you create a plan to get there.  Don’t make the mistake of thinking you have time.  Michael Jackson said it best, “Time Waits For No One”.  Get your life together today so your tomorrow isn’t filled with shoulda-coulda-woulda.

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