Thursday 29 August 2019

Old Folks Working in Retirement

I am not one to say that people over a certain age should not work. I am saying that people over a certain age should not HAVE to work.

There is a difference. 

Before I started on this journey towards Debt Freedom (and beyond to wealth building) I always joked that I was on the “Freedom 85” retirement plan.

(A twist and satire of the “Freedom 55” package from some mutual fund company.)

In all seriousness, most of us don’t really think much about retirement. We, or rather myself, are (or were) too busy dealing with surviving today to think about post age 64.

We tend to think that things will take care of themselves. Now, a company pension has all but gone the way of the Dodo. (If you’re lucky enough to have it, good for you.)

So, for those of us without pensions, we keep getting told to build your RRSP, and save for your retirement. 

Yet we are still just trying to be able pay for today, let alone to be able to put away for retirement. 

People have become conditioned to believe that carrying debt is normal and acceptable. 

I will say that having a mortgage is fine, as it is for your house and there is an end date (but being house poor is not).

Yet, if people do this, carry debt until they retire, what happens when they get escorted out the door of their job (kicking and screaming that they still have debt)?

What then? Is there some magic law or loophole that says that debt evaporates at age 65? If there is, I haven’t found it. 

No matter how old you are, the banks are going to want their money.

It is one thing to get part time job in retirement to fill the day and for a little extra cash. 

It is quite another to now somehow to try to deal with the pile of debt that you never dealt with when you were working.

That though alone should scare you into doing something about your debt. You too deserve to be not only debt free but have a nice savings account.

You can do it, if you want some advice, message me and I will offer what advice I can, at least let you know what has worked for me. 

(For starters read this blog from the beginning to now, as it chronicles my successes and mistakes.)

As always: Keep your head up, your attitude positive, and keep moving forward!

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