Retirement is an issue I have addressed many times in the past, and something I will continue to discuss.
Here’s why retirement is something I mention a lot: every time I discuss 401(k) accounts, someone sees retirement from a new perspective. With each video, blog post, or training about these issues, I get new emails and letters from people telling me that they are finally ready to stop procrastinating retirement preparation and take the plunge to get educated and take action.
The media talks about retirement as a ‘crisis.’ If you Google the word ‘crisis’ you will get search results ranging from wars to celebrities having an identity crisis. A crisis is a sequence of events which will trend some future events. There are turning points in this process, whether for better or for worse.
When problems loom in the future, there are two approaches a person can take: (1) they can put it out of sight and out of mind, or (2) they can take action to address it. While procrastination feels good for a while, the problems are always looming. Retirement is something most people recognize as something they will face in the future. Some people choose to take action and proactively prepare, while other put it off as long as possible.
This is exactly why I focus so much on retirement education. It is important not to get sucked into the media’s use of the word ‘crisis.’ We must understand that retirement is something that is inevitably coming down the road, but we can take control of the turning points to steer our retirement in a positive direction.
Each time I address the retirement crisis, someone sees it as a turning point in the process. They understand that this is an opportunity to address their future, and they gain a sincere desire to make a decisive change in the way they prepare for retirement.
An analogy I use a lot to describe retirement is a heart attack. Often, heart attacks are a result of plaque that is built up over the course of many years. You don’t feel the buildup happening, but suddenly one day you feel chest pain and your entire life changes.
A recent Forbes article describes some insight from Alicia Munnell, the head of Boston College’s Center for Retirement Research. The article explains that today 71% of Americans are living off of their savings during retirement, compared with only 12% of people 30 years ago. The cause of this alarming increase is that pensions are dying out. Without pensions, people must live off only the money they save or invest!
The data clearly shows that this is not a prosperous life. If a person has saved roughly $100,000 for retirement, they will only have about $400 per month. Imagine paying medical expenses, taxes, electricity bills, phone bills, food fills, fun, and housing with only $400 each month! How long could you afford to do this? It’s an extremely unsettling thought.
When people hear things that are unsettling, some want to ignore it and put it off, while others want to do something about it. I invite you to take this chance to take action.
What is the solution? Well, get educated.
Obviously as an educator I have wonderful training materials that people can invest in, but in this particular video I want to offer a gift.
I wrote a book called 401(k)aos, which has been extremely well-received. It provides information about retirement that spurs people to action. I want to offer you a free electronic copy of 401(k)aos so that you can learn more. You can visit my website, www.401kaos.com, to download your free electronic book.
If you prefer a hard copy, the book is also available for sale on Amazon for a small fee to cover the cost of printing.
My goal is to help you move from a crisis situation into a situation of financial comfort, stability, and confidence. I don’t want you to worry about the looming crisis of retirement anymore. As you educate and prepare your self, you will have confidence in your plan for retirement. My book, 401(k)aos, will light a fire under you and put you in a position to take action.
I hope that you will share this free gift with friends, family members, and others so that they might also begin their process of retirement education and planning.