Today I Learn… I make a point of learning something new everyday. This is what I learn each day

1, Jul 19, 2011

Income, Savings and Retirement

Filed under: Money — admin @ 12:08 am

On 5/20/2011, I read an article “People Plan to Work Into Their 70s or Later” by Andrea Coombes. It was rather depressing to learn that “almost four in 10 workers say they’ll retire after age 70 — or just keep working… if they even retire at all, and a growing number of people said the recession will force them to work longer in life, a new survey finds.”

For some reason, the article reminds me of the scene in our chemo treatment room where so many senior folks work all their lives and finally reach their retirement years but are struck down by cancer. So pathetic.

To be sure, there are some who can afford not to work at an early age, but choose to stay on because they love their jobs. But for the majority, they don’t have this luxury. They work because financially they have to.

People may find various reasons for their failure to get ready for retirement, yet as far as I can see there are mainly two simple reasons.

Number one: they were not able to make big money. Number two: they have not been able to save enough during the springtime of their lives, even worse, they might have spent more than they had earned, resulting in negative savings.

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