Put an age restriction on Retirement advice
It was probably thought out by the marketing department of a life insurance company very long ago, to sell an improbable dream of investing with them and your golden years could start at 50, blah blah blah….
The picture to go with that is normally of a gorgeous, though slightly greying couple dressed in crisp white cotton, sipping wine on the deck of a just as white yacht and the amber sun setting behind them. A message of enough money to travel the world at leisure.
Retirement, unless you are very wealthy, very healthy and have a very bad memory, will not look like that. Retirement planning advice is often spilled all over the media by young and ambitious journalists. Young enough to lack real life experience in a real world.
Don’t take retirement planning advice from anyone under the age of 60. Will you take golf lessons from an amateur golfer? To think that anyone can consider retirement in their 50s in this day of prolonged lives, is fully ridiculous.
Ban the term ‘golden years’!
What happens in Real life
Here’s what normally happens whilst planning for those “golden years”:
- Sh*t happens. In many ways. You get married, divorced, split your assets and pay alimony. It happens even if you don’t plan for it.
- You lose your job, spend your pension fund to pay your debts and put food on the table. You start all over again.
- You accumulate debt and cannot get out. You cancel your payment to a savings fund, draw the cash and never start it again.
- You get scammed by a scheme that sounds good enough to be true, but isn’t.
- You go bankrupt, you didn’t plan to, but it happened.
- You make bad investments and it takes years to recover, or perhaps never at all.
Retirement for most people is not going to be “golden”, and it won’t happen in your fifties or perhaps even sixties. For 98% of the population it will be a scuffle to make the capital they built up in a lifetime, last for the rest of their lives, which could extend to 80 or 90.
Good advise will be: Don’t retire or find another job after retirement . Get real, be realistic! Save for financial independence but don’t buy the impossible dream the media is selling.
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