When is enough, enough?
Studies have found no significant increase in happiness during a period in which a person moves from a lower income to a higher income, in fact an interesting research was done between the world's richest and some of the world’s poorest in which some on the Forbes 400 “richest” list were given a survey and their satisfaction was rated at almost exactly the same level as did the people of Masai of Kenya and Intuit people of Northern Greenland, who had no access to electricity or running water.
So it seems that money is a necessity to live, but apparently it can’t buy happiness. That’s for you to decide, and as the old saying goes, “Money can buy you a house but it can’t buy you a home.” Also, home is where your heart is, it does not need to be defined by brick and mortar, it can be a place, a person-your person, a pet or a memory that makes you smile or makes you giddy.
Everyone's situation is unique, and there is no shoe that will fit all, but the earlier a person wants to retire, the more they need to have saved up by then, a rule of thumb is to have a minimum of 30 times more than your salary saved up, and have no liabilities to pay monthly. This obviously decreases the older the person is when they retire. A person normally earns their highest salary just before retirement, so they will forego some of their highest income by leaving the workforce early. At this point, they should also be earning the highest interest on their savings due to compound interest.
Better life expectancy means that a lot of countries are increasing the retirement age to 70, and thus some people are working longer to have more savings on retirement. This will also mean that most people will be too old and less agile when they retire to really enjoy the extra time on there hands, and health issues increase with age and wealth without health is like driving a Ferrari with a 900cc engine! The older a person lives, the more money they will need if they are poor in health.
Retirement seems to be a double edged sword then, retire too early and face the risk of running out of money too soon or retire too late and not being in the position to fully enjoy the "golden years". So, like anything in life, it's about weighing up your situation, planning ahead according to the lifestyle and activities that you would like to be able to do and taking it from there.
Please your thoughts, at what stage are you in your timeline, and have you or did you plan your retirement well enough? Do you or did you do anything different that works out perfectly for you?
I believe that retirement planning and doing your personal taxes should be taught at school, because death and taxes are the only two certainties in life!
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Recent Comments
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For me, retirement is what I read on paper and here. We don't retire yet in South Sudan, a country still to define itself in the world. However, it's a good idea to start imagining what it will be like when I'm 70, 28 years from now.
My plan is in my books and other products I'll create, including the WA affiliate program of which I am a part. Should I start speaking soon and draw more attention on me and my work? That'll start to build wealth for my future retirement. Should people start buying more of my books on Amazon? That too is part of the whole. Are my referrals going to upgrade and keep their membership? Ah, I got it!
Thanks again for sharing about early and late retirement versions. I never thought of these things before since nobody actually retires in this part of the world, not yet.
John
Good content.
As for me...i think you dont need to wait for many years,just to enjoy your golden years.Even you are young...you can enjoy that golden years.It will depend on you how to teach yourself to enjoy it.To live with an understanding that our time on earth is temporary.Death will come for everybody,no one is exempted.Taxes....there are people who dont pay taxes.But the truth is,if you have the privellege to enjoy each day...then do it.Of course without risking your health.Golden years is not all about financially stable.I think it's about how you live on earth.🥰🥰🥰
"A rule of thumb is to have a minimum of 30 times more than your salary saved up, and have no liabilities to pay monthly."
I am there.
Start planning now.
"While I was writing this page and researching retirement I came across something that has changed my mindset completely. Did you know that in Okinawa, Japan they do not have a word for ‘Retirement.’"
I finally came to terms with my ‘Reason for being.’
Okinawa, Japan Does Not Have A Word For Retirement.
Today, we’re all living much longer and most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many developing countries, support for the old is still mainly provided through the family. Actually, it holds true even in the most developed countries. Children still have to take care of their parents.
Today, retirement with a pension is considered a right of the worker and we all want to retire much earlier. Unfortunately, the concepts of retirement based on old assumptions are no longer true. Thinking that we can all afford to retire and that we can do nothing for years on end and travel the world until we pass on is simply no longer the case for the majority. It is now the luxury of very few.
A National Geographic study shows that some of the happiest and longest-living people in the world are from Okinawa, Japan. They tend to live seven years longer than their counterparts here in North America, and demographically, they have more 100-year-olds than anywhere else in the World.
And do you know what they call retirement? Actually, they don’t call it anything. They don’t have a word for retirement. Literally, nothing in their language describes the concept of stopping work completely. They continue to exercise their ‘Reason For Being.’
Work is not complete life. Stepping back and looking at work is life,
Let me know your thoughts.
Soon we all come to our end.
It is life.
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Agreed, Antonio!
Assets and liabilities, as well as retirement planning and taxes, should definitely be taught at a young age. This would be best accomplished by parents taking control of their kids' financial future.
I retired my S-Corp last year and now just do my side hustle: my online businesses. So far, our retirement plan is working. The online hustle is for fun!