There is “generational theft” going on in America right now. The linked article describes and explains it better than I ever could, but I’ve been laboring to say much the same thing for years now.
What’s the deal?
The current system (go to school, get a “good” job, work 40 years, retire and while away the remainder) is, of course, unsustainable and changes will be made to most (if not all) entitlement programs for the elderly. Whether the changes are voluntary or involuntary, they will be made.
What does that mean for you? Maybe nothing…
But maybe, everything…
The question is what are you doing to prepare for the reduced set of benefits that will be available for you at that time?
- Keep going the way you’ve been going and assume it will “all be okay”… commonly known as the “head in the sand approach.”
- Plan to “work longer.” This seems to be a popular approach to financial planning these days, but in case you haven’t noticed there’s enormous shift toward automation and robots going on in the world. Yes, your job is probably at risk too.
- Get a “better” job and work longer..
- Try to “save” your way to a comfortable retirement… Kinda like filling a man-made lake bed… with a teaspoon.
- Have children and look forward to shuttling back and forth between their guest rooms (because you must…not because you want to)… that of course assumes that they will be able to find gainful employment and have a career of their own. Not exactly a good bet these days.
- Win the lottery… ’nuff said.
- Rob a bank… Again, not advisable especially if, like me, you’re far too pretty for prison…
- Leave it all to your higher power or the universe. I have no argument against this one except to ask if maybe your higher power has endowed you with the ability to recognize the coming problem and do something about it now…
- Find a simple trading approach, apply it to a tax deferred retirement account and grow your money… or find someone who can do it for you.
Which one makes the most sense to you?