“Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network
Retirement. It seems to be what we’re all working towards. I’m at the age where I my parents and in-laws have retired or are wanting to retire. It’s been a lesson through observation.
Looking at Retirement in My Forties
The reality for me seemed to came quickly. Although it has taken me my entire life to get here. I’ve heard everyone talking about “saving for retirement” but very few actually act upon those words.
I’ve seen my father struggle in his later years. In his late-60’s he’s still working for his retirement. He has spent his time living life and now that age is something he can no longer control, he’s finding the thought of retirement being pushed further and further out because he hasn’t “saved for retirement”.
My in-laws had a plan. They followed that plan, saving through the years. They took retirement and their lifestyle has not drastically decreased. They’ve been able to maintain a life they grew accustomed to, by making sacrifices and investing.
I read an article on Daily Finance that outlined 7 Tips for People Planning to Retire in 2013 and it really made me take a look at the differences of those in my life. The article talks about the baby boomers. My dad is an older baby boomer and my in-laws fall on the other end as they are younger.
I’ve heard the debates about when to take Social Security. Most baby boomers can claim the full amount of Social Security they have earned beginning at age 66. My dad opted to take his before age 66 and receive a reduced payout. My grandma, not a baby-boomer by any means, waited on taking hers.
My grandmother opted to stay in the workforce. She worked full-time in girl’s apparel at Wal-Mart into her late 80s. My dad has found it necessary to stay in the workforce.
For my grandmother the option of medicare was a great benefit. She had full benefits, but the Medicare seemed to really be something that offered her a bit of financial reprieve
Retirement Plans Begin Now
While we may not be planning to retire in 2013, it is important for us to set up an action plan so when we come to the point in our lives when retirement is an option, we are educated in making the decisions necessary to support the necessities of life. No matter what age you are, begin now by reading about investments, look into Genworth Financial’s options to create a plan that’s right for you and begin and working towards your retirement.