Tom Sightings, author of You Only Retire Once and blogs at Sightings at 60 may be fearless. When the rest of the media and world preaches the gospel of doom re: retirement, he sees the sunny side. Here’s why he says we/you should’t fear life without a steady paycheck:hould’t fear life without a steady paycheck:
- You may have more money than you think in your pension — He says “ Many current retirees in their 70s and 80s enjoy some kind of pension plan. And even a small pension plan can be worth a lot over the course of your retirement. A pension of just $20,000 per year is roughly equivalent to half a million dollars over 25 years of retirement.
- Social Security and Medicare are more solvent than people say. Sightings claims The Social Security system has resources to pay full benefits until the year 2034, according to the latest trustee report That gives politicians almost 20 years to make the necessary adjustments. But even if nothing changes, Social Security will still be able to pay about 75 percent of its obligations.
- You have plenty of options. Sightings says “Most of us have resources above and beyond what we may have in our IRA or 401(k) account, and we also have a great deal of control over our standard of living as we shed responsibilities, shift priorities and change our lifestyles.”
Good ol’ Tom says that worries about retirement are overblown but that doesn’t mean you should be complacent. And if you’re a successful business owner or top financial planner and need better retirement solutions to retire your worries even further, the experts at Benefit Equity are always here to help.
3 Reasons Not to Fear Retirement