Americans Are More Spooked By The Idea Of Retirement Than Dying
It’s that time of year when we start thinking about Halloween and how to spook the kids with ghouls and goblins, ghosts and spiders, witches flying around on broomsticks. To a child these things can be spooky and sometimes downright scary. It’s fun to be a little scared sometimes, thus the popularity of scary movies and Halloween. But once you enter adulthood those things are nothing but delightful. What scares adults though is the very idea of retirement! In fact some sources say that more than 40% of Americans fear retirement more than they do death! (Google it!)
As a financial fiduciary helping people prepare for retirement, what I find scary is that some people believe that it’s too late to start a retirement planning strategy – or on the other hand, it’s too early. Those are the ones who tend to end up believing it can be too late too. It’s always a perfect time to start a financial retirement planning strategy. There is no time like the present. If you think about starting a retirement plan, do it. No matter what state of life you are in. Well, if you are on your deathbed, I stand corrected. That might be a little too late!
Fortunately, it’s never too late to build good financial and savings habits. Every little bit helps and given the tax advantages inherent with most retirement accounts (i.e. potential tax deductions, tax deferred growth, etc.) even small levels of contributions can accumulate into sizable nest eggs sooner than expected. Start with a realistic plan and stick with it.
If you’re scared of retirement because you haven’t got a financial plan in place or you’re not sure if yours is going to allow you to live the lifestyle of your dreams, give me a call. We can get you started, and we can review what you already have in place. Retirement really can be joyful, and yes, there’s always going to be slight trepidation when you leave the workforce, but that’s just normal. If you’ve made a good plan and stuck to it, you’ll look forward to retirement with as much excitement as kids look forward to Halloween!