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Retirement Plan a disaster?


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9 replies to this topic

#1
Honey

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Hmmm, I have seen on T.V. shows and news how the economy affects everything and guess what? Those people who are planning to retire at an early age could not afford to so if they want to have enough money to sustain their life for retirement.

Some even worked more than 60 in order to have ends meet. Others were even expecting they will get a certain amount like $300,000 and it just drop off to $20,000.

Thinking about it, maybe having my very own retirement plan was a disaster or was it? Since I don't get the chance to retire at an early age and will have to work beyond my retirement age or even double time in order to have ends met when I retire.

Now, I am thinking to venture into a small business in order I have a back up plan when my retirement plan is not enough to support me in my years of retirement.

#2
Cindy

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Everyone of us has experienced one way or the other the impacts of this global economic crisis that we are experiencing today.

I think it would be better to prepare for the worst case and plan ahead for the future, what I am trying to say is try to find more ways to earn extra income here and there and establish a small business of your choice. At least no matter happens, you still have a safety net when you retire.

#3
Rose223

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I am kinda scared what will happen to my retirement plan and it's value in the next decade or so, I just wish that the economy will go back to where it was before this economic recession happen. I really would want to see people happy and not miserable even get problematic where to get money for their next mortgage payment.

#4
Jwood

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I want to retire and travel around the world but with the current situation I think I can't retire on the desired age that I want to or even within the country. Just crossing my fingers now, hopefully we can surpass all of these things happening that affect our economy really badly.

#5
Rose223

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QUOTE (Jwood @ Mar 18 2009, 04:29 AM) <{POST_SNAPBACK}>
I want to retire and travel around the world but with the current situation I think I can't retire on the desired age that I want to or even within the country. Just crossing my fingers now, hopefully we can surpass all of these things happening that affect our economy really badly.


I'm crossing my fingers too! I am on my way to retirement and I don't want to be working at old age. I think I deserve to enjoy peaceful and relaxing life. Afterall, I've been working for almost my entire life.


#6
David30

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I suppose the main reason why a lot older people still work beyond retirement age is that it is not an option for them because of financial necessity. Whether stuck in low-paying jobs with little or no retirement plans or through poor planning or other financial hardships, these folks need jobs just to SURVIVE.

#7
Jutawan

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QUOTE (Rose223 @ Mar 18 2009, 07:15 PM) <{POST_SNAPBACK}>
I am kinda scared what will happen to my retirement plan and it's value in the next decade or so, I just wish that the economy will go back to where it was before this economic recession happen. I really would want to see people happy and not miserable even get problematic where to get money for their next mortgage payment.


Is your retirement plan from 1 source only?

#8
Goldrush

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It's a good option that you have to venture into small business while you are working. it's an asset. try to invest your savings through bonds or mutual funds too and try not to touch until your retire. You'll be rich for sure. plus your pension, man you're living a good life.
Get free debt advice to reduce your debt

#9
BeckyB

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I have never stuck with a normal pension, I tried a new investment called a SIPP pension and I am going to keep using that method because it seems to be working for me :)

#10
Debra

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Investing in a proper way matters a lot. Choose a plan which is good and it rewards you with the money they have promised. Choosing a plan wise is the work of smart people.

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