I'm not sure how much money I'll have, but one thing I'll have when I retire is time. Lots more time than I have now with a full-time job. I see my children and their generation stuggling to find time to do all the things that they need to do. They have a busy career and two or three active children and there is never enough time to get everything done. It occurs to me that my generation could make a huge difference by giving some of that time back after we retire.
One of the things that's frustrating about the idea that retirement should be a 30 year vacation is the idea that everyone is entitled to that kind of a retirement. But many of us have no pension that will provide us with a predictable stream of income for 30 years, we only have whatever money we have saved up in 401ks and IRAs and savings and investment accounts. But I don't know when I'll have 'enough' saved up that I can pull out a regular monthly check for the next 30 years.
I've been watching other Baby Boomers announce their retirement. And I wonder how they can possibly afford it.
I look ahead and see the need to live for 30 years or more on nothing but my savings, and I know I can't do that yet.
Do they have a lot more money saved up than I do? Do they have a cushy, guaranteed, pension that will cover all their retirement expense? Or are they fooling themselves about being financially ready for this?
Retirement sounds great. You quit work and do absolutely nothing each day. You play golf and travel. You have no responsibilties. Who wouldn't love it?
But isn't that exactly what a vacation is? With longer life expectancies we can easily spend 30 years in retirement, or even more than that, if we retire early and live long. And as the Baby Boomers hit the magic retirement age, society is facing down at a time when a significant percentage of the adult population might be on perpetual "vacation".
Retirement sounds great. You quit work, play golf, and travel, and have no responsibilities. Who wouldn't love it? But isn't that what a vacation is? We can easily spend 30 or more years in retirement, so when all the Baby Boomers hit retirement age, a significant percentage of the adult population could go on a perpetual 30 year "vacation".
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