I can't Wait to Retire!

Unfortunately, I hear too many people saying that they can't wait to retire. The reality is that the majority of people do not like, and, sometimes loathe what they do for a living. They may make an incredible salary, but are depressed and miserable. Their professions/jobs are unfulfilling in a multitude of ways... financially, time exhausting, treatment by their boss/co-workers, micro-managed, not being utilized for your talents, etc.

Life is too short to be handcuffed to a job/profession that is not fulfilling and tapping into the talents that you have been Blessed with!

Kevin O'Leary, of Shark Tank notoriety, recently made a thought-provoking suggestion. "Retirement might not be all that it's cracked up to be." O'Leary encourages people to keep working as long as they can. Speaking from experience, O'Leary, who retired at age 36 found it to be unfulfilling and reentered the workforce. He proclaims, work is about more than just the money: "Work provides us with purpose and gives us an identity. It also provides us with social interaction, increases longevity, and brain health."

Planning for retirement is more than just planning on having enough money. Purpose, relationships, health, social interaction, and money all play an important part in a fulfilling life, including retirement. When people focus on just the money aspects, happiness and fulfillment can be compromised. Yet, those who fail to attend to the money side of things can diminish their purpose in life as well as their health, social interactions, and relationships. A holistic approach is indispensable in order to experience the joy and fulfillment which life, including life in retirement, can offer.

"It will be great once I can get my social security"... NOPE! First off, we live in one of the most expensive cities in the world. The current rate of inflation has devalued the buying power of the dollar so much that retirement, for many, may not be obtainable.

The government is going to stick it to you, because the more you depend on the government, the more they control your life. Between personal debt and taxes, some people are imprisoned to the system. Once you start taking social security benefits, if you make more than $25,000, your social security is taxed 50%... if you make more than $34,000, your social security benefits are taxed 85%! And, of course, you're still taxed on your working income. I don't know about you, but the average 1 bedroom apartment in Los Angeles goes for about $2200 or more per month, yet the average social security check for a 65 year old in California is around $1670/month. And that's just rent! Throw in groceries, car expenses, insurance, etc. and the average Angelino will not be retiring at 65. They will have to continue to work, just to pay the monthly bills! But if you work too much, because you need to cover the bills... your social security benefits will be taxed to death. Now you can see whose controlling who!

All this means is, today is the day to:

• Start saving/investing more
• Become healthier... to reduce future ailments, dis-ease, Rx and surgeries
• Reduce expenses

No need to wait until retirement and then regret not doing these things. Start today and then you won't have any regrets. The younger you start implementing, the better. Time is invaluable when it comes to securing a future, financially!

Call us today at (818) 766-0118 to schedule an appointment.