Prepare for the Golden Years

[pennypinch]

The golden years might not be so golden if you don't have any green!

401K plans have mostly replaced pensions, switching responsibility over to the employees rather than the employers. The thing is, those who have the option of 401K plans have so many choices to make that many decide to make none because they don't understand well enough.

Between low participation rates and uninformed investment choices, many Americans are expected to reach retirement age with a nest egg that may fall woefully short of what they will need to maintain their pre-retirement standard of living.

You need to contact the company who handles your 401K plans. Ask any and all questions that you can possibly think of. They have the answers.

Live within and below your means. We all need to learn to live on less and create a nest egg for when we retire. Otherwise, there will be no retirement.

[moneysense]

The phrase "Golden Years" just irritates me to no end. Im there, and let me tell you it sure isnt what its cracked up to be.

For instance, my husband is a year from early retirement and is out of work due to severe health problems. And I know that there are many older people out there with basically the same kind of issues going on.

You save, you scrimp and you think that when you retire that you will be living the life of riley. Well, in most cases that just doesnt happen because when the "Golden Years" roll around, most likely most of what you have saved will go to health issues and not at all to that "life of riley".

[pennypinch]

Lol I agree with ya. The phrase doesn't actually bother me any but the expectations are too unrealistic for many. I have no false expectations. I am poor now, always have been and unless I hit the lottery, I always will be lol. Period.