As I mentioned yesterday, I’m going to be focusing on the subject of retirement income and financial independence, a subject so many of us like to push aside. It’s so easy to get up every day and do our usual routines and not think about what’s looming in our futures as far as security goes. If you are in your twenties or thirties you probably never think about how you are going to fund your retirement plan, but trust me, you will want to start thinking about it. ~ Recently I was having lunch with a long time friend and she started talking about her financial woes. Her husband had been laid off from his job and her job was requiring her to work six days a week because they were short staffed. She was exhausted and depressed and didn’t feel much hope for what the future held for her and her family. And then she said this… ‘At least when my parents die I’ll get a little inheritance.’ I was shocked when she said it, and thought she must be kidding, but no, she was serious. First of all, inheritance is not income so if you are counting on that, or the money from the sale of anything large, the funds will run out. Unless you have money coming in every day, week, or month, you will go through your savings quickly. And even if you have some sort of retirement from a long term job you had, that will only be an average of about 40% of what your true income was. Most people will have to get a part time job to stay in the house or condo they are in, depending on how they have managed their finances over the years. ~ This subject is incredibly important to think about, for all of us. Tomorrow I’m going to dive into the reasons why having a residual income is so necessary, especially if you don’t have financial independence secured.
Have a great day! Jana
(619) 917-7077 *Text or Call
*Email me by going to my Contact page!