Online Calculator | Making Money Into Our Golden Years

Making Money Into Our Golden Years

Let’s face it: These days, economic uncertainty is higher than ever and our once-safe retirement years may not be so safe, after all. Social Security is going broke, Medicare is projected to go broke by 2017. Add it all up and making money into our golden years might actually be something that is a mandatory requirement and not something to think about as a way of supplementing our retirement on an occasional basis.

Think about that while you’re sitting there nursing that leg arthritis you’ve developed of late (no doubt as the result of a wild youth spent skydiving and riding motorcycles in a reckless manner, right?). Studies show that the current baby boom generation and the one that followed it (GenX) aren’t saving nearly enough to fund their current extravagant lifestyles. Clearly something’s going to have to be done.

Fortunately, we can erase that bad news relatively easy as long as we can get over the almost pathological stubbornness we show when it comes to planning for our futures. And planning is what’ll be needed in order to grow a nice retirement income. In truth, we should be planning constantly and in the hear and now and not the week before we’re going to retire. Don’t just rely on government social programs to be there for you, in other words.

But are we even saving or investing at all? Sure, we all watch the business networks and many of us understand stocks or bonds on one level. But, we’ve also been scared to death by stories of the financial collapse in the markets and the ongoing recession we’ve apparently been in since 2007. That shouldn’t stop us, though, from forcing ourselves into better savings and spending habits, for a fact.

As an example, take a look at a typical small business owner. He may have founded something like a fine costume jewelry wholesale distributor company, for instance. He has several employees but he’s still looking out for his own finances however he can. Does he have an IRA or two or has he set himself up with a thrift savings plan or a health savings account (good pre-tax advantages to that)? If not, all he’s got to rely on is Social Security, which isn’t good.

Unfortunately, he’s not going to be able to do much if he doesn’t have some savings in the bank, a few IRAs and maybe a 401(k) to help supplement the meager check he’s going to be getting from Social Security — if it even exists at all once he’s old enough to retire. And if he hopes to really enjoy his golden years, not having a concerted savings and investing plan NOW will end up costing him additional pain later, when he can least afford it.

The bottom line to all this is that we’ve got to begin now (even if ‘now’ is only a couple years before retirement) in order to avoid problems later, especially when we’re looking to enjoy a nice retirement. No matter how old you are, it’s never too late to start saving and investing and it’s wise to consider your financial health right alongside your physical health in terms of absolute importance.

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