MUST READ!!! making your retirement a priority,

 What happens to old people who don't save up for their retirement?

MUST READ!!!

Because of how educative this article is, the information on this article is GOLDEN.

The consequences of not saving enough money for one's retirement can play out in numerous, yet subtle, ways. The results aren’t always disastrous, but they’re almost always sad.

Sometimes, not saving enough money for retirement doesn’t spell disaster, but kills dreams instead. Think of everyone you know who wanted to travel the world during retirement, but sits at home watching their pennies instead.

Here’s one of my experiences with a client.

While reviewing the finances of a prospective client with a house that was valued at $1.4 million (they only owed $200,000 on the mortgage) living in a really nice upper neighborhood, I learned they wanted to purchase a condo worth $1.2 million.

After running some numbers, I realized the couple would run short at least $247,000. This couple did not want to take out a mortgage, either. They wanted to purchase this new condo with cash and own it free and clear!

My suggestion was that they move to a less expensive neighborhood and either purchase a smaller home, or a resale condo for $500,000. By doing so, they would have been able to add $652,800 to their IRA for a combined $952,800 to kick-off their “golden years.”

Needless to say, this couple did not adhere to my subtle advice. Needless to say, I was neither paid nor was I compensated for my time and services as I only intended to help them improve their future finances. Well, they didn’t listen to me because I was not in agreement with their dream of purchasing a condo in a neighborhood that was more expensive than the one they were already living in. Truth is better than fiction.”

Picture the house you have lived in for the last 20+ years. Now, imagine selling it – along with many of your personal belongings – and living in smaller apartment away from your friends and family. That’s what happened to my client. They worked hard, made good saving money, but lived above their means. They neglected their future financial health and when it came to retirement they were forced to sell their home to avoid outliving their money.

Sadly, they lost it all and had no option than to trade their once cozy house for a tiny apartment.

To answer your question: What happens to old people who don't save up money for their retirement?

Below are a few Examples of What Happens When you Fail to Save Enough for Retirement

●You need to keep working until you die.

●You drown in debt instead of planning for the future.

●You leave your family with financial and emotional stress.

●You reach retirement age with $300 in the bank.

●You throw your financial future away.

●Your kids support you in old age.

●You need to die by age 72 to make it work.

●You wind up believing money grows on trees.

●You trade your cozy house for a tiny apartment, then suck it up.

Final Thoughts

Unless you have a secret plan to get free money or you're lucky enough to hit the lottery, not saving enough money for retirement will leave you scrambling to get by in old age. At the very least, you'll need to work longer or make serious adjustments to your lifestyle to get by. And when you're deep into your "golden years," who wants to do that?

Fortunately, it doesn’t have to be this way. Instead of burying your head in the sand, you can get serious about retirement instead.

I consistently keep advising individuals to start investing with any dollar they can scrap up. A $10 investment for profit return is far better than thousands of dollars not invested. Anyone can easily open a retirement account to start saving their desired dollar.

Today a retirement account with AtomHoldings (Atomholdings.net) has always been an investment that requires the lowest capital to startup. Newbies can start with as low as $10 or any Capital they consider small to earn consistent profit return to their retirement portfolio. A $100,000 portfolio can basically earn an individual 5% - 7% or even 10% annually.

Remember this doesn’t neglect the fact that you can start with even $10 saving as long as age and time is on your side. Experts advise using a retirement calculator which enables you understand if you’re on track with your finances or not. 

Living above your means now can have you go broke much faster than you think. The Above Is My Two Cent Advise…

Also by beefing up contributions to your work-sponsored 401(k) plan. After all the above, look into opening a traditional or Roth IRA to save even more. If you're worried about making the wrong move, send a DM to chat freely with financer. My advise is totally free and find out which financial steps you should take first.

By making your retirement a priority, you can ensure you’ll never outlive your money – or worse – wind up living in your son's or daughter’s basement.

Edit 1: Because of how educative this article is, The information on this article is GOLDEN.

Lastly, Share your financial knowledge with your circle. What is better than one wealthy person? “Wealthy people.”

Follow the principles and start saving even as little as $10, $100, $1000, $10000 or any amount you are comfortable with today.

●I’m not uncomfortable about selling our home and moving into a small apartment when it’s just two of us, it’s low maintenance and by far much more secure as we age. When kids have moved on there’s a lot more unused at pace at home to manage and maintain.

●Downsizing to a smaller living space can offer many benefits, such as lower maintenance and greater security. It can also free up time and resources that were previously devoted to managing and maintaining a larger home. So yes I’m glad you and your partner made an excellent decision.

I’m also positive you have other lucrative investment options because that’s the only way you can stay financially buoyant over time.

● Great advise, I'm happly retired because off simple no brainer advise like Urs. Thanks for sharing…

● Thank you for this answer. I'm retired receive a very decent pension and my social security. I decided to move overseas with savings as well. And now living my best life. It took some discipline and sacrificing to put things in order…thank you..i will definitely share this with some friends of mine.

● “Knowledge is PotentialPower, Financial Knowledge is Fine Power, Applied Knowledge is Real Power .”

● I mentioned that “A $10 investment for profit return is far better than thousands of dollars not invested.” You DO NOT need to earn a high income before you start saving or investing.

What “Savings” does is that it puts you ahead of your yesterday. You become better and get closer to achieving your goals with every dollar saved each day.

● We downsized from a large home to a smaller home, debt free, money in the bank. It was difficult emotionally, you become attached to the home your kids grew up in. Three years in, we’re happy with our decIsion, the new house is smaller, less maintenance and we’ve made it our own. I’m still working at 58 and will continue until 60 when we plan to do a European trip. I might even work part time when we come home.