Today, retirement worries peak among adults in their late 30s—many of whom are the older sons and daughters of the Baby Boom generation. According to a Pew Research analysis of Federal Reserve Board data, this is also the age group that has suffered the steepest losses in household wealth in recent years.You know, of course, that statistics are like water...you can make them go anyway you want. But I trust Pews. This survey surprised me a lot. Do the thirty-something year children of boomers think they are as good as they are ever going to get?
How worried are you? Are you worried enough to make the changes necessary. That is worried people!!! If you are saying you are worried but not doing what is necessary then you are just rattling the paper! That is not worry...that is useless!
Let's brainstorm a bit. Not all ideas are good ideas but if we don't throw them out who knows. Here are some thoughts...can you make them work for you?
- When you are young, save a little each month and live with in your means.
- Time your family right. Planned parenthood can pay off.
- If you decided to have children late, save when you are very young. You can not have it both ways. It could be that if your children are not adults until you are 60 you will not retire....not until you are much older.
- All saving is not about the bank. While I don't think investing in baseball cards is a good idea, I do know that people take different paths to accumulating wealth. Real estate, for example, can be something you enjoy now and pays off later.
- Don't depend on your parents. You probably already know this and that is why you are worried.
|Sold upscale condo and moved to a house|
|Move to less trendy neighborhood...I like it!|
- Form a family unit with your parents and sibling to make your money go further. I don't know how this might work but I think you are creative enough that you could make this work for you.
- Pay off your home. Now that is a concept that has not been used for a lot of years. Just think about it. If you stay in your home, get by for a few years until you family is gone and get the house paid off, your retirement income goes a lot further. It may be a good idea.
- What if you took all that money you spent on a vacation, lunch at fast food restaurants and Starbucks every year and invested it in retirement. Maybe a piece of property or something like it. There is a possibility you could even enjoy it now.
- Make a list of things you could do after retirement to make money. It is just a thought but the third part of your life is not going to be about doing nothing. I know... doing nothing can be awful!
- Become your own expert! Really, if you are a lifelong learner, why not start now and become so knowledgeable about money you are scary. It might help!
- Take a REALLY hard look around you. Are you really doing what makes you happy with your money? For example, the boat or the trailer or the second/third car. Do they make you happy? Get rid of it all and start over. FYI: We did do all of those things and I am astounded at how much discretionary cash we have. We even moved to a less trendy, i.e. less costly, neighborhood. The money we have at the end of the is month more than enough to do what we want and we had plenty before. We just did what made us content and happy.
Things I have said before:
- No matter how many coupons you use or how many thrift stores you visit, it will not be enough to retire.
- Spend less than you make!
Have more ideas? Write about it and send me the link. I will post it for you. email@example.com
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