Comments on: 5 Reasons Why You Will Retire Broke and Unhappy

By: Jeremy

Jeremy — Thu, 17 Feb 2011 17:59:17 +0000

You’re doing it wrong if you can’t strike a balance between living for today and saving for tomorrow. It isn’t an all or nothing proposition.

By: LiveForToday

LiveForToday — Thu, 17 Feb 2011 17:26:22 +0000

Which is worse: dying broke or living a life that I hate because I’m so worried about having enough for retirement that I can’t enjoy my life? And what if I die before retirement? Before I have my pre-death play time? Boy, will I be mad.

By: Joel

Joel — Fri, 07 May 2010 12:59:50 +0000

Retirement is more a state of mind that a state of financial condition. Retirement is something different for everyone. I did a year of research asking the question…what does retirement mean to you….the common answer was…”to do the things I want to do when I want to do them”. My Wife and I retired without any money in the bank when I was 49..now I’m 55 and I’m still retired and still have no money in the bank. I own a home in FL and one in Minnesota. It is possible for anyone to have this life style but you have to be willing to make some simple changes in life. Don’t get all concerned about saving…as you will still be doing something after you decide to quit your job anyway. Is it possible to retire at 50 broke…..yes!!! I’ve been doing it for 5 years now.

By: david @ MBA briefs

david @ MBA briefs — Fri, 29 Jan 2010 01:47:51 +0000

Excellent article, and I’m glad you tied in health care and health issues. It’s not going to much matter if you die of a heart attack or Type II diabetes the same year you retire.

By: RetirementInvestingToday

RetirementInvestingToday — Sun, 17 Jan 2010 19:06:46 +0000

Some great suggestions in there. I personally am taking my retirement savings seriously and have by living very frugally been able to increase my savings to 60% of my gross earnings. I’m targeting a very early retirement.

Achieving this high rate has been partly achieved by watching my Lifestyle Creep as you identify in Point 5. As I achieve pay increases I have actively decided not to change my standard of living.

I am also actively watching my fees paid on my account as you identify in Point 2. Compound interest is a wonderful thing and by paying more fees than you need to will really hurt your potential wealth.

By: Jimmy Kibler

Jimmy Kibler — Sat, 16 Jan 2010 13:47:51 +0000

Great article. I tell people in my church all the time that prosperity is not just about working hard. There is so much more involved.

By: Griff (Financial Freedom 5G Team)

Griff (Financial Freedom 5G Team) — Fri, 15 Jan 2010 03:17:45 +0000

Great tips. I think you are right when you say that most people in our generation have high expectations of retiring with millions, but will be rudely awakened to find that they didn’t do what was necessary NOW in order to make that a reality.

thanks for the post.

By: Tim Landry

Tim Landry — Fri, 27 Nov 2009 13:15:12 +0000

Brad you are totally correct – but human nature (at least the current version) wants to SPEND – CONSUME – COMPETE. Heck my brother lives in South Carolina so no need of a special car for the winter (like some sports car drivers in northern climes) BUT – two drivers – THREE cars. The average North American is what? 57 days from bankruptcy. You are seemingly in the insurance business (as I am) so you are no doubt familiar with the “Buy Term and invest the difference” objection to whole life insurance. I will not argue that IF YOU DO IT, you may well get better results – but the problem is ALMOST NO ONE DOES IT.

By: brad@northwesternmutual

brad@northwesternmutual — Mon, 23 Nov 2009 22:13:34 +0000

All the threats noted in the post are significant, but not saving enough definitely takes the cake. The entire post could have been dedicated to the topic. If a person has an income stream, there are really no excuses for them not savings a portion of that for a rainy day or retirement. There are so many options available nowadays for people to defer their pay, whether that is a company-sponsored plan, individual IRA or simply a saving account. Everyone should pay themselves first. Set up a direct deposit into an account, so you never touch the funds and are tempted to spend.

By: Jen

Jen — Mon, 23 Nov 2009 16:39:04 +0000

I think it’s great if you can work at something you love doing in your retirement years. However, while I plan to work a little after offically retiring I am not counting on it. I may become ill, or have to take care of my parents, or have some other reason that would prevent me from working. SO, when I use a retirement calculator I enter 0 for income from a job. I also assume 0 paid in Social Security benefits.