What Do Your Golden Years Look Like

23 July, 2016

Will you retire broke or with dignity….the choice is yours.

Let me start by saying that I am extremely grateful to live in America. It truly is a land of opportunity. As a majority, we are a prosperous nation and while some parts of the country are struggling, I find myself very fortunate to live in a state where the economy is still doing well.
That being said, our nation’s current debt is over $17 trillion! And while our government can certainly turn that around by making some logical budget choices, I don’t think I want to rely on their money handling skills to provide for me in my retirement years. The days of working for a company your whole life and getting a pension when you retire, are gone. Sadly too many people have thought that social security would provide a means of income and that is just not the case. A report by USA Today yielded these results:
Out of 100 people age 65 and older, 97 of them can’t write a check for $600, 54 are still working and only 3 are financially secure. Bankruptcy in this age group has risen 164 percent in the last 8 years!

There have also been rumors that social security may not be around in 50 years. Where would that leave you?
Perhaps you are in your 20’s and think that retirement is a long way off and you don’t have to worry about that right now. Or maybe you are in your 40’s or 50’s and think it is too late to do anything about it. You are wrong on both counts. Let’s revisit the steps I have outlined and bring you to step four of seven in Dave Ramsey’s “Financial Peace”.
1. Save $1,000 as quick as possible
2. Pay off all of your debt except for the house (this includes the cars)
3. Save up 3-6 months of living expenses in an emergency fund
4. Put 15% of your income towards retirement

I can almost hear you say it. I can’t afford to put 15% of my money toward retirement! Let’s take a look at the big picture though, because right now, all you can see are the piles of bills that want your paycheck. When you get to this stage though, you have roughly $10-15,000 in the bank for emergencies and have no debt except for your house. Think you could afford it now? I bet you can. I encourage you to find a compound interest calculator online or in an app store on your phone. Be sure to find one that allows you to enter a monthly addition, over so many years, at a certain rate of return (Remember, the market average is 12%).
The average household income in America is $52,000 per year. No matter what your age, if you were to put $7,800 of that toward your retirement each year, it would go a long way to ensure you can retire with dignity. Don’t expect someone else to take care of you, be set, so that you can take care of not only yourself, but your kids and there kids!

*maybe you don’t get quite the excitement that I do when comes to crunching numbers, budgeting and planning your retirement. That is okay, we are all different. Don’t let that be an excuse to do nothing though. If you need help, just ask. I don’t sell products, I provide information. My rates are $50 for an hour consultation – I don’t waste time. I assess your situation, we discuss where you want to be and I provide suggestions and tools to get you there. An hour should be all the time we need and distance is not a problem. Many clients are helped via phone or Skype. Don’t waste any more time. Email me at tim_parady@yahoo.com to change your future*

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My name is Tim Parady and I am 36 years old. I was born in Connecticut, raised in Virginia, had a brief layover in Kansas which led me to Texas where I met my wife and best friend. We just celebrated 145years of marriage.
I have the best job in the world, which is to improve peoples lives. I teach people how to win in all areas of there money, which affects all areas of their lives.
78% of Americans live paycheck to paycheck, with no money in the bank and little knowledge of how to invest for their retirement. You can have a different future. You can win with money and I can show you how.
I am an independent Dave Ramsey Financial Coach,and Insurance Agent at Alkali Insurance and I am here to serve you. My goal is to provide knowledge and tools to change your life. To schedule an appointment to address your financial needs and goals, email me at tim_parady@yahoo.com

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