Global Economic Crisis, Social Security, Retirement Planning
Global Economic Crisis Reveals Social Security System Isn’t Enough
There is a saying that goes:
“Success is how high you bounce when you hit the bottom.”
Indeed, bouncing back is the key. Everyone becomes agitated when they face a down period. Successful people bounce back. For instance, you may be unhappy at your job, but unable to afford to quit. While that’s probably a mature decision now, that does not mean that you are stuck in that job forever, even if you are a so-called older worker. Statistics show that 80 percent of people age 45 and older are considering a career change.
Read the Staggering Statistics
Your secret dream might have been to retire at 50 but unless you started retirement planning decades ago or you are lucky and win the lottery, that’s not realistic. If you are like most of the population, you have very little saved in your nest egg. Most of the population has less than $5,000 saved.
A more realistic goal is to retire in your mid-60s, when Social Security benefits become available. Indeed, 63 percent of the population age 65 and older is dependent on Social Security, friends, relatives or charity to get by, according to the Bureau of Labor Statistics.
- Only 4 percent will actually have enough capital stowed away for a proper retirement, while 1 percent will be wealthy.
- An unlucky 3 percent will work until they are physically unable to carry on, many times because they just cannot afford to retire.
- If you are scraping by on minimum wage or marginally better wages, you will probably be one of that 3 percent.
One way to break out of that trap is to adopt the mindset of J. Paul Getty who said:
“You must be in business for yourself. You will never get rich working for someone else.”
What to do…
How do you start? First, with good information. Many people from all walks of life benefit from ZOX Pro Training (Mental Photography). Don’t stand in the way of what could be yours. Longing for better circumstances? Start ZOXing and do Retirement Planning today.