2 wisest pieces of retirement advice
The 2 wisest pieces of retirement advice in this article will, if you follow them, set you apart from 90 percent of the people who give little thought to their future.
As a single person, you have an important choice to make right this moment. You can:
- quit reading right now (thinking retirement is boring and a long way off);
- forget this altogether or;
- follow these two rules and benefit from them.
The younger you are when you read this, the better off you will be. You can embed these two principles in your mind now and follow them with your retirement decisions.
We singles have to look out for ourselves. One of my unofficial mottoes is "Protect yourself at all times."
I'll keep this as short as I can, but some supportive evidence is necessary. Take it from a guy who retired at 51: These are the 2 wisest pieces of retirement advice you will ever receive.
2 wisest pieces of retirement advice you'll ever get
No need to keep you in suspense. Here are my 2 wisest pieces of retirement advice:
- Don't trust your employer for your retirement.
- Don't trust the government for your retirement.
Right now you may be thinking: "Wait. I don't have a choice. I have to trust them."
One of the smartest rules in investing still applies: Diversify. That way if one segment of your retirement plan fails, you'll be able to recover.
I'm not saying to reject these two traditional retirement resources. I'm simply saying not to rely on them alone! Start your own savings and investment plan.
Remember: "Protect yourself at all times."
Your employer is not your Daddy
Let's be grownups and face the cold, hard truth. Your employer is not your Daddy, and you'll get burned if you think they are.
In the 1980s, American companies, trying to increase profits, outsourced much of their work overseas from the U.S., where labor costs were dirt-cheap. They didn't care that they closed down American factories and laid people off.
To them, profits are always more important than people.
Now the latest cost-slashing fad by corporations is Artificial Intelligence, or AI. The government is currently trying to replace employees with AI, and corporations will use more and more of it in the future.
Look, as Christians, we have an obligation to God to give our best effort to our employer and be honest in all our dealings. But don't forget: Your employer is not your Daddy.
You may love your job. You may feel your company treats you fairly, even generously. Some businesses do. But when it comes to your retirement, "Protect yourself at all times."
Is Social Security secure?
For many years, the Social Security fund has been struggling to keep up with growing demand. The retirement of Baby Boomers put an even bigger strain on the system.
Experts have warned Congress for decades that unless changes are made, Social Security will not be able to provide full benefits in the years to come.
It's no secret that corporations don't like Social Security. When they're forced to contribute 6.2 percent of the employee's wages—the same contribution the employee is taxed for—that cuts into profits.
And businesses don't like taxes that cut into profits.
Social Security is so popular with recipients, who are also voters, that it seems unlikely to be abolished altogether, but you shouldn't take for granted that it will always be there. And you certainly should not consider it your sole retirement plan.
You have to set up your own personal, individual retirement plan to beat the system.
An underused way to beat the system
One of the smartest ways to provide for your retirement is to hire a financial adviser.
Most
people think, "I'm not rich. I can't afford that." Don't believe
financial advisers are only for rich people. Middle class workers need
them too. Many financial advisers work on a percentage basis instead of
flat fees, meaning they earn more when you earn more. They want to make
you rich.
By starting small, you can eventually grow your savings with their expert coaching. Investments and the stock market have become very complicated. Old rules no longer apply. Don't try to play the stock market on your own.
Financial advisers can tailor your portfolio to your income, age, and risk level. As you grow older and closer to retirement, they change your investments into conservative funds. They can even help you reduce your tax burden.
I'm not giving you financial advice. Instead, I'm begging you to get good financial advice from a professional trained in that field.
What will you do with these 2 wisest pieces of retirement advice?
Ignore them, and you'll regret it when you retire. Follow them and start investing now, and you'll say, "That guy from inspiration-for-singles.com sure knew what he was talking about. I wish he were still around so I could thank him!"
