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I am absolutely astounded at the number of people who are unprepared for retirement. Most regular folks work about a half century or so. If you cannot get prepared for anything after all those years, you are in serious need of help. When a person lives his life buying everything they see while saving nothing for the later years, I have little sympathy for that individual. Almost everyone of my friends who are in this predicament are there because of their absurd spending habits during their productive working years. They all have 60K cars, sometimes two of them. They all have homes that they could not afford, but bought anyway to impress others. Their kids had every electronic toy that came out. The men had 1,000.00 Armani suits and the women had 500.00 Gucci handbags or shoes. And god knows, you simply must have that pleasure boat or RV.
Luckily, I grew up dirt poor in the slums of Brooklyn and had two great parents who taught me very well the sense of saving a little while spending a little, and never showing off to others with your possessions. Their teachings stayed with me throughout life and even after medical school when I earned a decent living, my spending habits never varied from what they taught me. I buy things that I want or need, never buy ridiculous things such as a 500.00 phone or 25K boat. I go on trips and enjoy me life every day. I also have enough to help my family when necessary. Materialism, greed, and stupidity destroys people's lives in many ways as whtever you have is never enough.
"When can I retire?" The question assumes that everyone has a choice about when to retire. This is a faulty assumption. Here are some examples of why this is frequently not true:1) Downsized over age 62 and unable to get a new job due to ageism, so social security is the only income once unemployment runs out.2) Poor health. Too sick to work full time, but not "sick enough" to collect social security disability, so as soon as retirement income is available one must take it to survive.3) Unexpected caregiver responsibilities for spouse, aging parents, disabled children or grandchildren. This burden falls most heavily on women since they are traditional caregivers and tend to marry older men who may need caregiving well before one intended to retire.
More and more people choose to continue working after they retire. So is that a real retirement time? Also those who have an opportunity choose to start a small business and it soes not mean it should bring big amounts of money, it can be bringing small, what is the most important steady amounts every month. I would also choose this, and it even will be ok with me to apply for loans online to start a business. I won't be surprise if by the time I retire ( I am 25 now) minimum retirement age will be 75
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