Life Events that Can Prevent You from Saving Enough for Your Retirement
“The Joke’s on YOU!” Yup Joker, you’ve been clowning around for decades and now that your pranks are tired and your one-liners are weak, it looks like retirement may be the best option at your age. But here’s the gag, you goofed up and you barely have enough savings to cover a good green hair dye job. Even Batman is giving you the side-eye. This isn’t funny, dude! You’ll need to figure something out, since it looks like your career as a stand up comic may be on the skids.
We, at Achieve Financial Group, have a sense of humor, so we’ll join you on your next comedy tour to show you that you haven’t been hoodwinked; you just had some unforeseen events that hindered you from saving enough for your future retirement. We won’t heckle you, but we’ll make you crack-up when you hear all of the things that can derail your retirement plans.
- Having very low financial literacy – The less you know about saving for retirement, chances are you won’t have enough when it’s time.
- Being struck by poor health that prevents working – Illness or injuries can be prolonged and make it difficult to cover expenses and save.
- Being laid off and spending a period unemployed – It’s difficult to catch up during these times.
- Earning less than expected – Your income should allow you to save enough for retirement.
- Getting divorced – Divorce can be expensive and put you deep into debt.
- Making bad investments – You may not get a profitable return, even if it sounds like a sure thing.
- Overestimating social security benefits – You may not receive as much as you anticipated.
- Being hit with major medical bills – Even with your insurance, out-of-pocket costs can be astronomical.
- Not making long term plans – By not planning for future your retirement, you may not be prepared when you reach retirement age.
- Procrastinating – Before you know it, retirement will be just around the corner. The best time to start saving is now.
OK, Joker, this may seem a little ha-ha heavy, but you really should take yourself seriously. We recommend that you sell a few of those hilarious purple suits and get rid of that trick flower on your lapel. Put the profits in your retirement account and you’ll see that once you start saving, you’ll do nothing but grin!