Are We in a Retirement Crisis?
The phrase “retirement crisis” is certainly tossed around in the news quite a bit, but what is the crisis?
To begin with, many seniors have not saved enough money to support themselves in their old age. These folks will either continue to work or end up depending on their children and/or public assistance. And old age is lasting a lot longer than it used to as medical advances continue to increase life expectancy. That means folks who saved enough for just twenty years or so of retirement are finding themselves in a pickle; a long life is a blessing, but what happens when 95-year-olds can’t pay their bills?
For those of us with a decent nest egg, our retirement crisis is a bit different. It involves growing our savings in a low-yield environment while protecting it from risky investments, predatory fees, and confiscatory taxes. These steps can keep us from becoming a burden on our families or anyone else, but they take work and a commitment to learning.
The truth is, our government has targeted seniors and savers. Congress wants to redistribute our nest eggs to appease their constituents (and donors). It’s a fact of life that’s not likely to change, and we need to work around it.
My Kind of Retirement
For me, retirement means having enough money to choose how I spend my time. Just like our readers, Jo and I worked hard, saved, and made smart investments to get here. I’m sure most of you feel the same way.
Retirement means having enough money to really enjoy the things we want to do right up until the end. The retirement we envision involves being totally independent, not depending on the government or our family. In order to accomplish that goal, we must tend our garden and manage our nest egg wisely.
Depending on your own circumstances, retirement may or may not mean you stop working entirely. That should be your decision. And it should not mean having to work a job you no longer like or taking on a minimum-wage job after retiring from your career just to make ends meet. It should mean living life on your terms, and that requires financial independence.
Unfortunately there are forces working against us: government spending and benefits cut-backs, increasing taxes, near-zero interest rates. Well, it’s time to fight back and take charge. With that in mind I’ve invited a team of top experts to share with us how they see the challenges shaping up and to give us actionable ideas that we can use starting today.
It all starts on Thursday, September 5th in a special online presentation called America’s Broken Promise: Strategies for a Retirement Worth Living and features John Stossel from Fox Business Network, former Comptroller General of the United States David Walker, American Financial Group president Jeff White, and me, Dennis Miller, your loyal advocate. Here’s the link for more.
I have to be totally upfront and tell you that I expect this thing to completely fill up (yes, it’s online, but there’s only so much bandwidth we can allocate to it): feedback from readers has been overwhelming. So if you’re even remotely interested in finding out how to claim your own financial independence I strongly suggest you reserve your spot right now (it doesn’t cost anything). All of the details and easy registration are here.