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No as long as you remain unable to do any meaningful work. You liike all of us may see changes tho because SS is not well funded.I wish i knew a site that actually carried the entire hearings a few years ago chaired by Senator Breaux on the future of socil security. It was very enlightening so I watch all teh hearings on PBS. Some basci scary stuff from just about every experts on social security. The sad part was in the end they reported to congress who did not want to touch any of the recommendations because they didn;t want to lose the next election. They even discussed SSI;medicare and medicaid which are in even worse problems with funding.Bsically if you under 50 you can look for major changes in teh coming decades . Just a expample is theat these programs now consumed like 6% of the 18% of GDP that government gets from all income sources. In like 20 years it will require at the expected growth rate to require 16% of that 18% leaving 2% for all other governmnet functions.
I have been planning for my retirement since I was 20! Perhaps it comes from having older parents then the norm? All I know is I can retire earlier than most because I was raised to think about retiring. How important it is to save money etc. I thank my parents for that.
Those of you whose parents taught you the wisdom of long term financial planning are very, very lucky. I was not so lucky and had to figure it out on my own. I did not take any serious steps towards long term or retirement financial planning until I was in my very late 40s because retirement seemed so far away before then.
People who say "if you wait until you're 50 to plan for retirement, it's too late," give others the sense that it's hopeless if you wait til that age to start retirement planning. While it isn't the best thing to do, one can still do something.
In the last eight years, while I was in the so-called "too late" stage, I did the following: got completely out of debt (includes paying off college loans), lived below my means (includes foregoing vacations, not eating out much or going out much unless it was a free event, and stopped buying things I didn't need), saved money out of every paycheck, contributed to my 401K plan, started an IRA, bought a modest condo (a repossession, bought at well under market value, so I am never going to be upside down on my mortgage), started a personal emergency fund, started a vacation fund. I'm now ten years away from retirement. I'll be saving even more between now and then because of annual salary increases, and my 401k will more than double because it took me several years before I could participate in it at my current job. When I retire, I'll be fine.
It's not too late in your 50s to take steps to repair your financial neglect. It won't be easy, but it can be done.
Those of you whose parents taught you the wisdom of long term financial planning are very, very lucky. I was not so lucky and had to figure it out on my own. I did not take any serious steps towards long term or retirement financial planning until I was in my very late 40s because retirement seemed so far away before then.
People who say "if you wait until you're 50 to plan for retirement, it's too late," give others the sense that it's hopeless if you wait til that age to start retirement planning. While it isn't the best thing to do, one can still do something.
In the last eight years, while I was in the so-called "too late" stage, I did the following: got completely out of debt (includes paying off college loans),
lived below my means (includes foregoing vacations,
Never too late to start or too early
not eating out much or going out much unless it was a free event, and
Never too late to start or too early
stopped buying things I didn't need),
Never too late to start or too early
saved money out of every paycheck,
Never too late to start or too early
contributed to my 401K plan, started an IRA,
Never too late to start or too early
bought a modest condo (a repossession, bought at well under market value, so I am never going to be upside down on my mortgage),
Never too late to start or too early
started a personal emergency fund,
Never too late to start or too early
started a vacation fund.
Never too late to start or too early
I'm now ten years away from retirement. I'll be saving even more between now and then because of annual salary increases, and my 401k will more than double because it took me several years before I could participate in it at my current job. When I retire, I'll be fine.
It's not too late in your 50s to take steps to repair your financial neglect. It won't be easy, but it can be done.
Very true. That advice to not wait until you are 50 is directed at the 20 somethings who think 50 is so far away. These are just smart ways to handle your money at any age.
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