Statistics indicate that a significant percentage of baby boomers who are now nearing the typical retirement age are not ready from a financial perspective.
Most people are not going to be able to make up for lost time when it comes to retirement preparations. It can take decades to accumulate the resources that you need to put a solid financial underpinning in place that enables a comfortable retirement.
When should you begin preparing for the future? The answer is that you really can’t start planning too soon; many successful people actually started looking ahead toward retirement when they were still in college.
Some of them actually retire far in advance of becoming eligible to receive Social Security benefits because they had an intelligent plan in place from an early age.
On the other hand, far too many people will never retire because they simply don’t have the financial resources that it takes to put their working years behind them.
If you are serious about being able to retire with some modicum of financial security, you must be practical and realistic as you evaluate your capabilities, project your future expenses, and create a plan that works for you and your family.
The typical layperson is not necessarily going to know a lot about long-term financial planning, and this is understandable. The intelligent way to proceed is to discuss your future with a licensed and experienced financial advisor.
When you work within a clear-cut plan that leads to the fruition of your goals, you can go forward with a new sense of purpose and direction. And in the end, the reward is ultimately going to be well worth the small sacrifices that you may make over the years.