Whether your pursuit is preservation or providing for all your needs, the golden years are constantly being redefined. Originally, according to the bible, (2 Timothy 2:6) “it is the Hard-working farmer who ought to have the first share of the crops”. For ages people believed good work a requirement and their faith a reward. Cultures equated aging with wisdom and respect. The unit as a whole would take care of itself and the aging. The question today is who will take of the aging. The question to you is who will take care of you if you outlive your savings?
As the century’s changed, the values passed down changed. The teachings that hard work and frugality lead to their success and wealth changed the equation. By observing the right values one was chosen for success. The needs of the many were less important than the needs of the few. Opposing sides developed early on how to take care of the many as they aged became a long lasting debate. And the many are surviving illness, living longer and getting older. What will you do if you become ill and exhaust your assets?
As we start living longer the many became senior citizens. Aging no longer becomes an honor. The value brought to the community by reaching an elderly age, breaking the age of 40 or above, a sign of wisdom and respect has now become a burden. The status of elderly was a symbol of influence, the chieftain of the family, tribe or the community. The golden years were worshipped. Will you be a burden or a legacy when you break 70?
Retirement Readiness Test
- Have you saved enough for the unexpected?
- What lifestyle have you planned for retirement?
- Do you have an entertainment and leisure budget?
- Are you ready to live past 80?
- Are you and your spouse ready for retirement and on the same page?
- How much is the average monthly social security check?
- What is the average age of someone who collects social security?
- Is my 401k enough and what will it be taxed at when I need it?
- How much of my nest egg can I withdraw every year to make it last longer?
- How will my health affect my health care costs as I get older?