When you look around as a working person who has seen his or her 70th birthday come and go you may view people who are your age who have retired as “lucky.”
There are indeed some senior citizens who have won lottery prizes, and perhaps there are those who have hit it big on the beach with their metal detectors. However, most people who are comfortable enough financially to enjoy their retirement years were by no means lucky.
The difference between those who can retire with some modicum of financial freedom and those who must continue to work is largely a matter of planning (or lack thereof).
Some would say yes, sure, it’s easy to plan ahead for the future if you make six figures a year. We are not in that position in my family.
The truth is that people who earn $100,000 per year or even $1 million per year can make bad decisions, spend frivolously, and have virtually no savings by the time they reach their 60s.
On the other hand, a couple who earns a solid living that falls short of the six-figure mark could take a different path and make sound financial decisions over a number of decades. Many people that you see who are comfortably retired would absolutely fit this description.
If the above rings true to you, take action right now to devise a long-term financial plan. The first step would be to arrange for a consultation with a licensed and experienced local San Jose area estate planning attorney.