Jumping out a window may sound extreme but what would you do if you ran out of money in retirement?
While travelling throughout Thailand I would read the local english language newspapers and I noticed a few stories of expats killing themselves by falling off of their condo balconies. I thought they had probably drank too much or more cynically that their Thai wives were doing their own retirement planning.
One afternoon I found myself relaxing at an outdoor beer bar and I overheard a conversation between two Englishmen who were telling stories about their good friend who had just passed away. I bought them a round and we did a toast to the recently departed. My interest peaked when I found out how he died. You guessed it, he fell off his balcony. I asked them in a serious tone “Are you sure it was an accident?”. One of them responded that sadly he thought it was suicide since his friend had run out of money and was about to be kicked out of his condo.
Have you thought about how much you should have in your retirement fund when you retire?
One rule of thumb is called the 4% rule. The idea is that you can withdraw 4% of your fund calculated at the time of retirement each year adjusted for inflation and it should last your lifetime.
Let’s say you have determined that you need $50,000 per year to live the life you want in retirement over and beyond your other sources of income such as personal and government pension plans. That means you will need a retirement fund of $1.25 million.
The 4% rule is not perfect but it was tested against real data using a mix of investment strategies. Others think that you should fine-tune your withdrawal rate according to changing conditions such as the remaining time horizon and market conditions. Of course that means that you cannot count on the same withdrawal amount each year.
One study showed that you could use a 3% withdrawal rate if you only invested in fixed term securities. This would reduce the stress associated with holding stocks but it would require a retirement fund of $1.67 million.
I could throw a couple other wrinkles at you, like you know that extra $50,000 you think you need when you retire? Well it could be a lot higher depending on how well your pensions perform or even if those pensions are still around when you retire, especially if you are counting on government pensions. Not to mention that if you retire twenty years from now that $50,000 will actually be $90,000 if you assume a 3% inflation rate.
With just these twists you suddenly will require $2.25 million ($3m if you use a 3% withdrawal rate).
If you are not planning for retirement you should be scared because these numbers are scary.
If you are planning for retirement but you realize that you do not have enough time and resources to save your required nest egg you should be scared.
Nothing worse than reaching 45 years of age and realizing you have not yet started to save for your retirement.
And I am not talking about a few savings here and there; you should have the beginnings of a serious fund started.
So what is the solution if you are running out of time?
You need a solution that produces cash flow.
Have you noticed some talk in government circles of raising the retirement age or getting rid of it entirely? Their solution for you is to allow you to work your day job until you drop. That is a solution that many will have to live with, or more exactly die with.
However there is another solution and that is to start your own business.
You could start a business in your garage.
You could look online for a business.
You may consider marketing your garage business online.
You could join a network marketing business.
You could start an affiliate marketing business online.
You have lots of choices but not necessarily a lot of time until retirement.
What can you do right now to take action?
Simple, call me at 905-566-1927 to discuss your options and/or grab your free branded blog including hosting by filling out the big yellow box in the upper right.
Either way it is a first step.
Peter Fuller MBA CA
905-566-1927
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#1 by Hans Schoff@ creating wealth on August 31, 2011 - 4:12 am
Hey Peter, wow what a story. You hate to hear about stories like that, especially to hear that it’s not a one-off but a worsening trend…
I also wanted to throw out the idea that governments might be downplaying the actual rate of inflation going forward to help them pay down some of the national debt. Crazy I know, lol, but here in the US already the 3.5% inflation rate reported currently would actually be 7.5% if it was calculated the way they used to report it (see http://shadowstats.com to see what I mean). Anyway, prices may be rising faster and higher than we’re lead to believe. Great post!
Hans Schoff@ creating wealth’s latest post Creating Wealth With Inflation – Lessons from Weimar Germany
#2 by Andrew Walker on August 18, 2011 - 4:26 am
Nah.. Peter. Thanks for sharing this. But no, I don’t have any kind of plans like that. I still have confidence left on myself.
Andrew Walker’s latest post CritterWalls Coupon Code
#3 by Rae on March 29, 2011 - 7:35 am
This is really a great post. It seems to be a wake up call for everyone who has retirement on line.
#4 by lance cashion on February 17, 2011 - 3:23 pm
Peter, I just happened across your post here. I must say that the titled ‘jumped’ out at me. Very clever. I see retirement from the insurance side. Where many people leave a gap is in health care. I have several clients with excellent retirement plans but failed to insure properly. Assisted living and the like have eaten through assets and liquidity.
I’ve got a follow-up on the subject on my blog, if you are so inclined to visit: http://lancecashion.com/retirement-survival-government-making-cuts/
Your title made me chuckle.
thanks
Lance Cashion
lance cashion’s latest post Retirement Survival- Government Making Cuts
#5 by Khon Kaen on February 4, 2011 - 8:00 am
Why doesn’t anyone ever calculate pensions into retirement plans? Every one I have seen just talks about a total dollar amount that one should have saved to live comfortably the rest of their life.
#6 by Peter Fuller on February 5, 2011 - 1:36 pm
Actually we do, but the question is how much more do you need over and above your pensions.
And that depends on what your pension will provide upon retirement.
Let’s say you determine that you need 100K per year to live the retirement lifestyle you want and that your pension provides 40K per year.
Then you need to concentrate on where the extra 60K is going to come from.
Peter
#7 by PearlyQuah on January 27, 2011 - 6:38 pm
Hi Peter,
This is definitely a great post to everyone. Looking at the uncertainties in current economy and the inflation rate itself already scare us with the retirement plan. The number / amount we should have is getting bigger and bigger every year beacuse of higher commitments and etc. Then we may find that we may not be able to realise our retirement plan.
But, if anyone who is young or at middle age are concern of their existing savings/ retirement fund which can become smaller in number in the future, I would suggest they should look far beyond that such as providing very good future for their children and next generation after that. With this vision and goal in my mind, a person will find many ways to achieve his dream as well as achieving their financial goal very much earlier. But, definitely, there is a lot more to think, plan and do
Another way to help realise our financial goal earlier than our retirement age is to start a network marketing business if we can commit our time into such business.
You have an excellent post and I would say a lot of people should read this.
Thanks for sharing this, Peter.
Cheers
Pearly
PearlyQuah’s latest post Chinese New Year Festival In Malaysia
#8 by Chris from Voltmeter Gauge on January 20, 2011 - 10:03 am
To add my 2 cent Peter, I think before any one reaches retirement he/she need to review his/her expenses and potential income. Yes this is obvious, but many wait until two or three months to set up a plan. One of the retirement strategies to make sure your money will last is the 4% Solution.
A quick review of the 4% Solution is that You do not want to withdraw more than 4% of your retirement savings account value. For example if you saved $500,000 you would not want to withdraw more than $20,000 a year.
#9 by Barry from Saskatchewan on October 31, 2010 - 4:29 pm
Brilliant, Man.
All I can do is enhance my value and capitalize on it.
For me, the standard concept of retirement is like owning one of those saws that will stop as soon as you slide your hand into the blade.
Damn few people are ever going to test it and no one would be surprised if it didn’t work.
Thanks for this post, Peter.
Barry from Saskatchewan’s latest post I Heard This Guy’s Life Slipping Away and I Kinda Saved Him!
#10 by Marty Fogarty @ Veterans Benefits Manual on October 29, 2010 - 1:42 pm
Not having enough money to support oneself in the last years of life is certainly very complicated. That is why I believe that everyone should begin saving as soon as possible, in order to have a comfortable life in the future, which is always closer than it seems. Planning carefully and ahead of time is the best way to avoid problems.
#11 by Jeremiah M. Wean on August 3, 2010 - 9:48 pm
I have to say this is one of the subjects that concerns me the most. My degree is in Finance. When I graduated I thought I was going to be on Wall Street as a Credit Analyst. But my career took a different direction into mortgages.
I think there is a fidelity commercial with a guy on a ladder trimming a hedge with his “number” above it. It’s a Gazillion, a guy is out walking his number and asks the guy a Gazillion, is that your number. What do you do? I just throw money at it.
Because it seems so hard to estimate what inflation will be, what you’ll need for healthcare, etc. The best bet seems to just keep your expenses as low as possible and throw as much money at your retirement plan as possible.
Jeremiah M. Wean’s latest post Managing Your Debt Strategically
#12 by Peter Fuller MBA on August 12, 2010 - 1:34 pm
Hey Jeremiah, what a great name, my grandfather was named Jeremiah.
So much uncertainty when it comes to retirement, that is why I advocate having your own business generating cash flow.
#13 by Dennis O'Brien on August 2, 2010 - 7:45 am
When employer contribution to superannuation became compulsory I wasn’t in the work force. When the construction industry collapsed I had claims for outstanding super contributions lodged but never received any of what I was owed.
I was over 40 years old and unemployable so I returned to studying for ten years and still no-one would employ me. Another ten years and here I am starting an online marketing business to prepare for retirement.
So a call to action never comes too late or too early. I guess it’s more like it comes when your ready for it because I never dreamed I’d be doing this.
#14 by Peter Fuller MBA on August 12, 2010 - 1:32 pm
Good for you Dennis, and remember we are all in the same boat
#15 by Nicole Rushin on August 1, 2010 - 2:12 pm
What a great post. I think I will now go and jump off my front porch. Actually, my husband and I are in the midst of seriously reducing our monthly expenses and are more in line with building our own businesses in the future. You just can depend on the J.O.B. market anymore. I hope this post you have written will wake some people up to that fact. Thanks for sharing this.
Nicole Rushin’s latest post Stretching and Leaping to Reach Your Goals
#16 by Peter Fuller MBA on August 12, 2010 - 1:31 pm
Hello Nicole
I always appreciate how you make me think when reading your blog, thanks for dropping by and checking out my blog.
#17 by Tim Somers on July 31, 2010 - 9:55 am
My wife and I thought we had everything planned out and in place – then enter our oldest going to college this fall – and two other kids to follow in a few years…I started questioning everything…how will we make it – but realize how glad I am I started building a MLM business a few years back, I know we will be fine!
Tim Somers’s latest post Neglected Customers Will Burn Away Like An Unwatered Lawn
#18 by Peter Fuller MBA on August 12, 2010 - 1:30 pm
Good stuff Tim, just taking action and planning you have taken more steps than most.
And just think of all of the free time you will have when the kids are all away in school
#19 by Soren Egstrup on July 31, 2010 - 4:37 am
Good stuff Peter, the reason why I choose network marketing as one of my business, are the possibility to work with this business the rest of my life.
Soren Egstrup’s latest post Extract from “AS A MAN THINKETH”
#20 by Peter Fuller MBA on August 12, 2010 - 1:24 pm
Hey Soren, good stuff, now I am off to check out your “As a Man Thinketh” post
#21 by Gary Young on July 30, 2010 - 12:42 pm
Wake up call. Thanks.
Gary Young’s latest post A Ship in Port is Safe vs China Sourcing
#22 by Peter Fuller MBA on August 12, 2010 - 1:23 pm
Thanks for stopping by Gary, and yes it is a wake up call for all of us.
#23 by Tosin on July 30, 2010 - 7:12 am
Hey Peter,
Sincerely, I cringe when I share a message like this to a young person and he responds by saying that it can never happen to him, or when I share it with an elderly man and he feels helpless and overwhelms with starting all over.
Real stats from real life!
You’re right about the conclusion and the earlier the better.
Thanks for sharing!
~~~
Tosin
#24 by Peter Fuller on July 30, 2010 - 8:44 am
Thanks for stopping by Tosin.
To the young person just say “sure it can, btw what have you saved so far?”
To the elderly man just say “it is never too late to learn how to generate cash flow”.
#25 by Dr. Adam Sheck on July 29, 2010 - 11:52 pm
Peter,
Great post. I’ve heard of the 4% rule, yet I know some dispute it as well. I don’t plan on jumping out the window, yet I don’t know that I really plan to retire either. Love what I do, want to be doing something useful with my life, throughout my life, so not sure if the paradigm fits. It definitely is something to consider though, especially since I passed the half century mark.
Thanks,
Adam
Dr. Adam Sheck’s latest post The 3 C’s of Relationship- Chemistry- Compatibility & Commitment
#26 by Peter Fuller on July 30, 2010 - 3:56 am
Hello Adam
Some dispute the 4% because of the recent recession and how it has affected stock portfolios.
What they are really disputing is the investment mix one should have in retirement. That is why I mentioned the study that looked at just fixed term securities. Of course using 3% just makes the numbers more scary.
In your case you have acquired skills to do what you are passionate about. No one can take those skills away from you. You will always have the ability to generate cash flow.
Now compare that to those who work all of their lives for someone else. They retire and their main cash flow disappears overnight.
#27 by Marcus Baker on July 29, 2010 - 11:45 pm
Sobering statistics there Peter!
Now if ever you come across someone who does not have a strong enough “Why” for being in their own business, you have one to hand them and it’s a one size fits all!
In fact Peter why not turn this post into an E-Book, include all the facts as you have along with plenty more emotion and photographs of old people looking unhappy and living in poverty. Maybe a few photographs of graveyards…?
OK I’ll stop I’m enjoying this far more than I meant to…. Naturally at the end of your E-Book you offer them your solution. Sounds like you could have an ideal micro (maybe not so micro) niche winning give away there!
~Marcus
Marcus Baker’s latest post Three Mistakes to Avoid When Joining a Tribe
#28 by Peter Fuller on July 30, 2010 - 3:50 am
Great idea Marcus!
I live in a fairly well off area but the other day I saw an older gentleman, maybe late 60′s early 70′s, pushy a grocery cart down the road with all of his belongings.
He obviously lived on the street.
I was tempted to go talk with him, get some pictures and ask how he ended up on the street. It would have made a great story, but I just could not bring myself to expose him that way.
I like the idea of an ebook to explore the numbers even more.
#29 by Fred Williams on July 29, 2010 - 4:12 pm
This is some serious information Peter,
I was just talking to my friends about this very topic the other day. I heard a conversation on the radio where there was talk about moving the retirement age back or removing it all together.
Those are some scary numbers you gave but that is reality. People are going to be caught off guard if they don’t take the subject of saving for retirement seriously. You provided some great info in this post. I am going to tell my friends to read it. Thanks for the timely information.
Fred Williams
The Simple Video Marketer
Fred Williams’s latest post Solving The Google Puzzle-How To Get High Authority Backlinks To Your Blog
#30 by Peter Fuller on July 30, 2010 - 3:44 am
Hello Fred
The government is not going to have a choice in the next few years to either increase the retirement age or get rid of it all together.
The workforce is going to need protection that they can continue to work and not be forced out of their jobs.
What kind of protection is that?
#31 by Tristram Lodge on July 29, 2010 - 1:58 pm
Hi Peter,
That is scary stuff and yet so many people will retire flat broke. I read an article in the UK a couple of years ago that said people would need to save 40% of their monthly salary starting at the age of 20 if they wanted a very good pension. Who can afford 40% of their salary, after tax. Great post and thanks for sharing.
Tristram Lodge
Tristram Lodge’s latest post Being An Apprentice of MLM
#32 by Peter Fuller on July 30, 2010 - 3:42 am
Hello Tristram
40%
Wow, that is scary
#33 by Ilka Flood on July 28, 2010 - 7:27 pm
Hi Peter,
Scary numbers and maybe quite a “wake up call” for some people. Times sure have changed and they are not getting any better any time soon.
I heard about the raising of the retirement age and I feel for those poor souls who’s only chance of survival will be to work until the day they die.
Hey people, it’s still time to make a change. Start today!
Great post!
Ilka
Ilka Flood’s latest post How Blogging Has Increased My Business Exposure
#34 by Peter Fuller on July 30, 2010 - 3:41 am
Hey Ilka
I like that : “Start today”
It is never to late to learn how to generate cash flow.
#35 by Stacy on July 28, 2010 - 4:48 pm
What a great post, Peter! Thinking about retirement can be very scary! I know quite a few people who have had to push back their retirement because of losing large sums of money in the economic crisis. It’s really sad and scary.
It can also be such a challenge right now for many people just to keep up with the bills and they can’t even think about putting aside any money for the future.
That is one reason that my husband and I decided to join a couple business opportunities that we really love and believe in. It’s also why I have started my blog and have begun joining affiliate marketing. The more income sources the better, and I really like the models of network marketing. It’s not about getting rich quick, but if done right it can provide great income down the road!
Stacy’s latest post Blogs Not To Miss!
#36 by Peter Fuller on July 30, 2010 - 3:40 am
Hello Stacy
Good for you and your husband, and you have a great attitude in that what we do is not a “get rich quick” scheme.
#37 by Linda G. Cox on July 28, 2010 - 10:27 am
Peter~
Very nice post! Being at the end of the Baby Boomer generation, it’s past time to start thinking about retirement! I’m amazed at how quickly time has flown by! One of your other commentors meantioned how children are taught at a young age to prepare for retirement~ from this age I can see the value in that!
~Linda
Linda G. Cox’s latest post Generation Y
#38 by Peter Fuller on July 30, 2010 - 3:38 am
Hey Linda, welcome to the Zoomer club
#39 by Joe Malinowski on July 28, 2010 - 10:12 am
Cool stuff Peter. Action, that is pretty much what it comes down to.
I think, actually I hope, that these realizations are sinking into the generations before and after me. Social security is out, as is any other gov help, and to rely on family and friends for assistance is not an option.
We are responsible for our success, ignorance is not an excuse. Simply waiting to figure it out will not suffice. I have spoken at some local high schools and even middle schools with the message that you have control and you can live how you choose if you are willing to do what it takes.
Thanks for sharing your insights, this subject always can get me going out on a little bit of a rant.
Have a great day!
Joe
Joe Malinowski’s latest post The Jonny Carson Method
#40 by Peter Fuller on July 30, 2010 - 3:37 am
Hey Joe, rants are welcome
#41 by Wayne Wu on July 27, 2010 - 8:10 pm
Hear, hear Peter.
We are definitely in a transition now from era of social dependency to an era of entrepreneurship. No one is coming to the rescue.
Starting your own business is the only way out of this economic mess.
Great post,
Wayne
Wayne Wu’s latest post The “No Selling” Bull Crap and how to Get Over It…
#42 by Peter Fuller on July 30, 2010 - 3:37 am
Thanks Wayne
You are absolutely right, it is the only way, that or marrying rich
#43 by Darcie Newton on July 27, 2010 - 5:11 pm
Nice post…I couldn’t agree more. I educate my clients everyday on how they can use real estate and other real assets to grow their retirement savings. Too many thinking saving is enough…it isn’t. You must grow what you save. Maybe I should add a piece about adding an online business as well. Good food for thought.
Darcie
Darcie Newton’s latest post By- Darcie
#44 by Peter Fuller on July 30, 2010 - 3:35 am
Hey Darcie
One of the best investments is to invest in yourself.
Think about this. Once you acquire the skills to be able to generate cash flow through owning your own business no one can ever take that ability away from you. You always have the ability to turn cash flow on, even if circumstances causes one cash flow to disappear, your skills allow you to create others.
#45 by Rob Franta on July 27, 2010 - 4:49 pm
Great post Peter, Your post is one of the reason I started my own business. Retirement is usually very overlooked. As an addition to your post it is important we actually take proceeds from our businesses and put them aside for our retirement. When making extra cash online it is so easy to use that income for other things.
This is my weakness. Any tips?
Rob
Rob Franta’s latest post How to create true- recession proof- residual income
#46 by Peter Fuller on July 30, 2010 - 2:46 am
Hello Rob
That is one of the down sides of being self employed, living for the moment. Some people need to be employed and have taxes and pension payments deducted for them.
My tip – in comes down to self discipline and having a plan.
Since your cash flow can vary pick a % for savings and stick to it.
One of the best ways is to create the same type of structure that a job offers when it comes to automatic deductions.. Setup automatic savings and investment plans that deduct monthly from your bank account.
#47 by cheryl ingebrigtsen on July 27, 2010 - 3:54 pm
Great post Peter, the 4% rule is a solid way to calculate what you’ll need, I have to admit that I’m not as prepared as I’d like to be, but its never too late to start like you said… if I do now
Thanks Peter
#48 by Peter Fuller on July 29, 2010 - 5:16 pm
Hey Cheryl
Never too late to start, never too late to dream
#49 by Liz@internet home business blog on July 27, 2010 - 3:24 pm
Excellent post Peter. I find it so sad that people commit the tragic act of suicide over money. I’ve personally put myself in God’s hands and he’s never let me down yet.
For those that put money before God, I’m afraid the outcome may not always be a good one but you offer some great advice here so others will do well to follow it
Liz@internet home business blog’s latest post Free Web Traffic Means Producing Consistent Content
#50 by Peter Fuller on July 29, 2010 - 5:02 pm
Hey Liz, yes it is tragic, so I hope this makes people think and they take action before they are faced with that decision.
#51 by Vanessa on July 27, 2010 - 2:23 pm
Definitely a good kick in the tail for me. I know that I need to be saving more for retirement. Thankfully I do have a couple of businesses that I love and have the option to do more and save more. Thanks for the great reminder.
Live with passion and purpose,
Vanessa
Vanessa’s latest post I Think My Business is Caught in a Time Warp
#52 by Peter Fuller on July 29, 2010 - 5:00 pm
Hello Vanesa, thanks for stopping by.
I really enjoyed your last blog post about being caught in a time warp.
#53 by Mavis Nong on July 27, 2010 - 9:45 am
Great post with scary figures, Peter.
I must admit, I have never taken planning for retirement seriously until recently. It’s so important if you want to retire comfortably. And your post makes this very clear.
Thanks for sharing this and good luck with handling the number of people calling you for options!
All the best,
Mavis Nong
Mavis Nong’s latest post Blogging Tips – 3 Primary Steps To Higher Rankings!
#54 by Peter Fuller on July 29, 2010 - 4:27 pm
Hello Mavis, thanks for your comment and yes it is scary.
#55 by Tommy DiPietro | MLM Prospecting Hero on July 27, 2010 - 7:35 am
Peter,
Another great post!
This is something I talk about to my team and prospects all of the time.
The feeling that even if you have a retirement fund, will it even be there when you retire??
I am 34 years old and my wife and I believe it will not.
All the more reason to build my business. The best decision I have ever made.
Nice job Pete!
Tommy D.
MLM Prospecting Hero
Tommy DiPietro | MLM Prospecting Hero’s latest post HONEY- I Blew Up Our Home Based Internet Business!
#56 by Peter Fuller on July 29, 2010 - 12:45 pm
Hey Tommy
Yes, it is the best decision you ever made!
Okay, maybe marrying your wife is up there too
#57 by Susanna Hess on July 27, 2010 - 3:39 am
Wow Peter,
That is so sad.
I know of several people who are just now starting to freak out about their retirement, as they are getting closer to that age.
I watched a clip by this really great speaker recently, he touched on this topic a little. He believes people should start teaching their kids to save and plan for retirement starting at the age of 5.
It’s all very interesting, and scary for many people.
Thanks for address this important topic.
Susanna
Susanna Hess’s latest post 2 Business Mistakes- 99 Of People Make One – Which One Do YOU Make
#58 by Peter Fuller on July 27, 2010 - 6:01 pm
Hello Susanna
Maybe 5 is a bit young
But maybe every child entering high school should have their own bank account and learn about how to save and invest.
I do not know about you but when I was in my twenties that is the last thing I thought about
#59 by Debbie Stevens on July 26, 2010 - 9:35 pm
I personally believe that a lot of people are in denial. The numbers you shared here really help put it in perspective though. It is overwhelming and now is always the right time to get started. I appreciate your presentation of alternative solutions to a huge problem for many people.
Debbie Stevens’s latest post Diamond in the Rough
#60 by Peter Fuller on July 27, 2010 - 4:08 pm
Thanks Debbie, and you are right it is overwhelming
#61 by Neil on July 26, 2010 - 8:17 pm
Hi Peter,
I heard somewhere that when they started government pensions people’s life expectancy wasn’t as long as it is now.
I don’t know how long it can sustain itself with more and more people drawing money for 20yrs + after retirement.
I’m a couple of years above the 45 that you mentioned, and am starting to plan now. Better late than never.
I was seriously thinking about retiring in The Philippines.
The cost of living is really low compared to here, and there are communities of ex pats already there.
Thanks for the food for thought.
Neil
#62 by Peter Fuller on July 27, 2010 - 4:07 pm
Hey Neil
The Philippines or Thailand are great places to retire considering the exchange rates and cost of living, and there are expats all over South East Asia.
#63 by Charlie Holles on July 26, 2010 - 7:45 pm
Scary numbers Peter but we need to be aware of them even if we are already developing a business, because that might just give us the edge to push it a bit harder.
Thanks
Charlie Holles
Charlie Holles’s latest post Goal Setting – should you aim for the stars
#64 by Peter Fuller on July 27, 2010 - 3:55 pm
Hello Charlie
Interesting, because the reason I posted this was to get people yhinking and to help push them a little harder
#65 by Jerome Ratliff on July 26, 2010 - 6:56 pm
Nice job on the numbers. I like numbers so you had me throughout the post.
So many people don’t really understand what they need and what it takes. They are closed minded to it or in denial, I don’t know.
However, planning for that day is something everyone should be thinking about, no matter what age it is.
Have a good one.
Jerome Ratliff
Jerome Ratliff’s latest post How I Viciously Got Attacked at the Zoo
#66 by Peter Fuller on July 27, 2010 - 3:41 pm
Thanks Jerome
I was a bit worried some would be overwhelmed by the numbers and not realize the important message
#67 by Ana | Traffic Generation Cafe on July 26, 2010 - 6:46 pm
Love the ending to your post, Peter – I hope you’ll get more calls you can handle, I suppose that would be a good thing.
Retirement is one of those topics I tried to ignore, until I read your post that is.
Having a plan is a great thing, following through with it is even better.
Best,
Ana Hoffman
202 Bite-Sized Tips To Insanely Increase Your Blog Traffic
Ana | Traffic Generation Cafe’s latest post Get Targeted Twitter Followers
#68 by Peter Fuller on July 27, 2010 - 3:40 pm
Hello Ana
Never ignore retirement
It should be part of your plan
#69 by Steve Shoemaker on July 26, 2010 - 4:28 pm
Ok I was wondering when the accountant was going to post.
You definitely brought some scary realities to light Peter this whole post was a call of action to me.
I work hard but I think I will keep this more in the forefront when I don’t feel like doing my daily business routine.
To much at stake not to be vigilant. Thanks for all this great information and education in these matters.
Steve Shoemaker
#70 by Peter Fuller on July 27, 2010 - 3:39 pm
Hey Steve, yes the accountant has posted
I wrote this post to scare people. So many go through life without thinking about it until one day it hits them
#71 by Michael B Wilbraham on July 26, 2010 - 12:29 pm
Peter, really serious stuff indeed. This is exactly what my “Why” is about – my online & internet businesses are created to generate me funds for my retirement. Fortunatley I still have a few years to play with.
This coupled to rental income I will receive from a commercial building I own which will be mortgage free in 7 years should do the trick.
I recall reading somewhere that at retirement age, only 1% are financially secure.
Really scary – yet we all remain in denial?
#72 by Peter Fuller on July 27, 2010 - 3:38 pm
Good stuff Michael
and you are right about that 1%
#73 by Sherman Smith on July 26, 2010 - 12:28 pm
It’s the sad truth Peter, but the good thing is that there are options for all of us. There are so many plans that you can take advantage of but I agree that the best plus thus far is owning a business. Unless you win the lottery, there are so many advantages to owning business from taking advantage of the tax benefits to earning residual income.
Great Post Peter!!
Sherman
Sherman Smith’s latest post To Become A True Leader- First Start With Becoming An…
#74 by Peter Fuller on July 27, 2010 - 3:37 pm
Hey Sherman
but look at how many are hoping to win the lottery to solve their financial problems, especially since all they have to do is take action and start their own business
#75 by Oliver Tausend on July 26, 2010 - 12:09 pm
Hi Peter,
definitely a great thought- provoking post. The question also is: What is easier, to save the money for a monthly pension of let’s say 2,000 $ or to build a team in MLM Network Marketing with let’s say 250 people actively ordering product every month ?
Thanks for sharing
Take care
Oliver
Oliver Tausend’s latest post The Anatomy Of Quitting – Would You Like To Change Places With Another Person
#76 by Peter Fuller on July 27, 2010 - 3:34 pm
I am not sure what is easier but I do know which one I’d rather have, the team
Thanks Oliver for your comment.
#77 by Michael Novak on July 26, 2010 - 11:26 am
This is a great post Peter.
So many people get to retirement age and go “crap I have no money.” It is a sad truth that most people will not reitre with enough to live on.
I would like to point out to the younger generation (myself included), that if you aren’t planning for retirement now, you should be. But just because you are young doesn’t mean you shouldn’t look at the options Peter pointed out. Many of Peter’s ideas can help accelerate your retirement!
Thanks for the post Peter.
Michael Novak’s latest post The Best Industry to Learn Leadership
#78 by Peter Fuller on July 27, 2010 - 3:32 pm
Hello Michael
Thanks for reminding everyone that you are never too young to start!