I'm Fighting Mad...and You Should Be Too!
I was watching the Today Show the other day and it made me MAD!
They were talking finances, etc.
The nice lady said if you are getting close to retirement
[whatever age that may be] you might try to "practice" living
on the amount you'll bring home when you retire.
The premise was this:
You are going to have a dramatic drop in income, so start living on that measly amount now to get used to it!
It made me MAD.
I plan on making MORE in my retirement years with Empower Network
than I've made in the last 40 combined. I'm not going to let Social Insecurity
dictate my lifestyle, or let my 401K limit me on how I live.
I'm sick of Poverty Preaching. I'm fed up with Debt Dementia.
It's a NEW day. A NEW opportunity.
You should be ready to rebel like me. Wake Up, Baby Boomers!
I'm Fighting Mad...and You Should Be Too!
Here is the transcript from The Today Show on November 23, 2012 with
Money Magazine's Donna Rosato.
>>> planning for retirement. the day you'll walk away from your job is ten years or less away, it is time to get serious. "money" magazine donna rosato has good ideas. good morning.
>> good morning, willie.
>> first tip surprised me frankly. you said you'll need seven times your salary to retire, if you make $50,000 a year you should have 350 grand socked away.
>> seems like a big chunk of money. that doesn't include social security which is 20% more of what you're earning. there are things you can do, ten years out you still have time. plan to work longer. that will make a big difference. if you can cut back on your spending now, you could probably save more, or people just learn to live on less, plan to live on less when they retire.
>> and you say still for ten years out, it's never too soon to schmooze a little bit. you can keep doing it, ten years out from here?
>> that's right. nothing that can derail your retirement savings and plans than getting laid off so keep dazzling your boss still. retain good relationships with your co-workers, but just as important is making connections and good relations with people younger than you. some of that next generation might have a say in whether you say or go later on.
>> five years out now. the kids have moved out of the house. time to downside.
>> that's right. housing for most people is the big expense. if the kids are grown and hopefully gone, then do you really need a bigger house? do you need it in a good school district? a study by brookings institute said a home in a school district that is highly rated costs 2.4 times more than one in a lower rated distrifnlt lower your housing costs you can savemore for retirement is there what about working part-time after you retire. when do you start thinking about that?
>> answer the for a lot of people to work longer, at least in some capacity. want to do it five years out, fresh skills, up-to-date skills and fresh contacts. easier to lay the groundwork five years out than once you retire.
>> move one year out from retirement you say it's really time to start getting conservative with your investments.
>> lower your risk levels. we know from 2008, if you were retiring then, the market would have had a huge retirement. get more conservative. the rule of thumb is 40% to 50% in stock.
>> what about living on less income? tips for people, what's the bottom line?
>> before you actually retire, try to practice living on less, see what that's like. can you live on the income that you expect to have with your savings, and if not think about those options again, maybe you work a little bit longer and make sure you get that part-time job, always things you can do to improve things.
Did you read the works highlighted in RED? Doesn't that make you Hopping MAD?
If you don't want to think like these traditionalists, then CLICK HERE NOW.
Are you ready to change YOUR future? The Future starts NOW!
I'm Fighting Mad...and You Should Be Too!
- Empower Network
