Buy that Big Screen TV You Want and You’ll Still be Fine When You Retire
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Go ahead and buy that big-screen TV. Enjoy your daily latte. Book your dream vacation. When it’s time to retire, you’ll be just fine.
Though this is not exactly what came out of my mouth, it pretty much represents my opinion when it comes to enjoy the life today and live comfortably 30 years later.
In an article yesterday published on USA Today (title Are you saving too much for retirement?), the topic of whether we are saving too much for our retirements again surfaced. While the article, similar to the one appeared on NY Times in late January, used the data from the Employee Benefit Research Institute 2006 Retirement Confidence Survey to show that “more than half of U.S. workers have saved less than $25,000 for retirement,” it also brought up the notion that families who have already put a decent amount of their incomes into retirement accounts for years are “delaying a lot of gratification because of the fear they’re blowing their retirement, maybe that anxiety is misplaced.”
However, the article acknowledged that as retirees enter into an age of uncertainty, there are plenty of reasons for people to save more, not less, including:
- Increased longevity
- Family obligations
- Health care
And these uncertainties will present a big financial challenge to aging baby boomers who are making their retirement plans. And if you are wondering if you have saved enough for your retirement, the article offered a piece of advice from Prof. Olivia Mitchel at the Wharton School of the University of Pennsylvania:
“When in doubt, work longer and keep saving.”
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I do not have a set number/amount that I want to retire with. My biggest fear is relying or becoming a burden on my children. I just want to be comfortable. Oh my, what ever happen to pensions?
I hope to have a business or enough passive income to retire in comfort.
But who knows what the future holds.
Very good post. It’s all about balance. I used to just save for the future with minimal enjoyment. Then the last 6 years, I had kids and boom, spending everywhere. But hey, it’s been fun. So far, we’re still trying to get back to our saving roots. I may have to post about my personal scenario re this.