All of us have one huge transition confronting us not that far down the road. Of course life is all about transitions. We make a transition from childhood to adolescence. We transition from being a child of a home to maturity and independence. And we make huge transitions through marriage, parenthood and even becoming a grandparent. However of all of these, maybe the one we need to give attention to in terms of preparation is the huge transition to retirement.
Moving from the world of work and the productive life to retirement and your golden years is a huge adjustment for people. There are lifestyle modifications, adjustments to your objectives and focus and even in how people view you. However the adjustments to your finances are maybe the ones you will notice the most. When you shift from getting a stable paycheck to existing on your Social Security and retirement, that may be a crucial shift in your expectations and the way you plan your life.
The saddest thing we see in terms of people in late middle age are those that are depending on Social Security to be the sole source of their sustenance in retirement. While Social Security is a fantastic program, it has created a false impression of “security” that somehow the funds will be sufficient to take care of you in your old age. The truth is that if you're depending on any third party agency to be your source of sustenance in your retirement years, your assurance that you will be confortable in your retirement years is not assured.
Even if you're currently working at a job that has a retirement program that you put some into, you may still be allowing yourself to“rely”on your job to be there for you when you get to retirement age. And the horror tales of the elderly who at last arrive at retirement age to discover that what they thought they can rely on was not reliable are tragic.
This is why beginning right now to get ready for your financial future will probably be the best way you could be completely positive you will have what you need as you enter that point when you should be able to put your feet up and enjoy the fruit of your labors. This is a major mindset shift and when you can achieve it and take charge of your financial future, you will reach retirement with much better confidence.
The result of your choice to take charge of your retirement will probably be you are not going to simply let money get put away for you with no oversight on your part. You can't always belief that the administrators of your retirement account at work are handling the money efficiently. By staying on top of how these funds are being invested and doing all you possibly can to control where these funds go, you make sure that you get maximum return on your investment all along the way. And when its time when you want these funds, you'll be ready to use them since you are acutely aware of their value.
We can't control Social Security and there's a likelihood will probably be there for you when it's time for you to retire. However rather than depending on Social Security, design a financial future that's secure whether it's there or not. Then when you retire and your retirement packages start to kick in and give you that lifestyle of leisure and financial securitythat you want, should you do see Social Security add a couple of dollars to your monthly funds, so much the better.
By taking control over your financial future, you're putting the security of your funds and the planning that you will have what you want when those great years come along. You're depending on the one individual you're sure is in sync with what you'll need and has at all times been able to strategize and provide for yourself and your loved ones and that is you. It's an excellent feeling to put the administration of your financial future in your own control in preparation for retirement. However it's a wonderful feeling you worked hard to take pleasure in so you deserve it.
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