Retirement That Works for You, Not the Other Way Around

Written by Monica Savaglia
Posted June 24, 2018 at 8:00PM

We all fear it. We all hope it doesn’t happen to us. And we work hard every day to try to prevent it.

What am I talking about? Financial stability.

There’s a lot that can happen in one lifetime. A lot of it can be planned. But the majority of it isn’t. That’s the beauty of life.

You can’t plan when or if your spouse or children will need to go to the hospital. And you can't plan if they'll need a medical treatment, either.

Those life events are unpredictable. And not only that, but they’re also really expensive. Unfortunately, medical bills add up quickly. And if you never had savings in the first place, life just got a whole lot tougher for you.

Fearing that you won’t have enough money or will be unable to pay your bills are common stressors in a lot of people’s lives. Obviously, stressful events leave a person unhappy or, even worse, depressed.

If you’re already in a stressful money situation, you can’t help but think about a million other scenarios that could happen and how you won’t be prepared for them.

There are a lot of scenarios that could happen. But there’s one that keeps me up at night...

My retirement. And ultimately, my financial freedom...

Retirement Outlook Not So Good

A recent report on the financial outlook for Social Security’s Old-Age, Survivors, and Disability Insurance (OASDI) Trust Funds had one eye-opening takeaway this year. Both Social Security and Medicare face long-term financing shortfalls.

Right now, the boomers are collecting Social Security. The boomers make up a huge chunk of the population. And the working population is small and only getting smaller.

The birth rate in 2017 was the lowest it’s been in 30 years. This essentially means that we’re paying out more than we’re taking in. And it'll probably only get worse.

Retirement Money Sign_190x190A similar problem is happening with Medicare. Expenses for each beneficiary will exceed receipts.

At this moment, there isn’t anything that we can do. It’s obvious that a change needs to happen, but it rests on Congress’ shoulders. Congress needs to make the change. But with the recent struggles over health care and taxes, any kind of solution seems nonexistent.

Not to mention, the longer that Congress waits to act, the more drastic the changes will need to be to keep Social Security and Medicare strong.

I’m an overthinker. I tend to get stressed out when I feel like I’m not in control. And with everything that's going on with Social Security and Medicare, I know I need to find a new plan.

We all need to find a new plan — one that’ll get us to our stress-free futures...

Your Chance at Financial Freedom

Financial freedom has to be one of the most sought-after things.

Sure, there are a few things that we can’t prevent about the future. But what we are able to do is prepare for the future. We're able to prepare ourselves for financial stability for when we’re faced with unexpected hardships.

Not being able to fall back on Social Security and Medicare will hurt a lot of people’s retirement. That’s why it’s important to start making a plan today.

Relying on something that won’t be around when it comes time for you to retire will only stress you out. It’ll leave you struggling to make ends meet. And that’s no way to live your life.

retirementThe best option that’ll benefit you in the long run is to start building yourself a nest egg. And an easy way to earn a profit with minimal effort is by investing.

If you’ve never invested before, it’ll be a little overwhelming at first. But don’t let that discourage you from gaining your financial freedom.

It doesn't matter if your retirement is quickly approaching or it’s 20 years from now. Starting to invest and build something to fall back on today will be one of the best decisions of your life.

Since I started investing and saving for my future, I don’t overthink as much. And I’m no longer worried about whether or not I’ll be able to afford the lemons that life gives me.

A tool that I’ve found useful is my colleague Charles Mizrahi’s new book, Hitting Wall Street’s “Fat Pitch”: Secrets from a 35 Year Stock Market Insider.

There’s a lot of investing information out there, but I found this book to be easy and concise.

If you’d like to start building your nest egg and use Charles’ book as your first resource to financial freedom, click here to get your copy!

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia
Editorial Director, Park Avenue Digest

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