In a recent conversation with another professional who wished to consult about one of their current clients, something struck me — hard. There are literally thousands of couples in their late 40′s-50′s happily driving down the road to their much anticipated retirement. They already see themselves with exotic drinks on perfect sandy beaches.
Epiphany: They don’t see or hear the train hurtling right at them head-on. I’ve witnessed this first hand many times in the last few years. This conversation made me realize how many people are 5-15 years from what they think is a hard-earned retirement, when they’re really that close to a dream crushing train wreck.
Let’s not drag this out. Does this describe you?
- You, and your spouse if you’re married, are in your mid-40′s to 50′s.
- You own your own home with zero to 50% debt.
- You have as much as $400,000 in some sort of retirement plan. The average is way under $100,000.
Stretch that out over say a 30 year retirement. Not real pretty is it?
The point: If you’re not able to save much money now while you’re spending more after tax than you’ll be earning in retirement before tax, your retirement isn’t going to be what you’ve envisioned.
Take whatever time you have left and grow your net worth as safely and as quickly as you can. Time is not on your side — it’s not your friend.
If you start now, do the right things, in the right order, with discipline, you can live a retirement even better than the one you picture. But you have to start. And before you start — you have to make the decision.
Nothing good comes from train wrecks. Drinks with umbrellas on sandy beaches, holdin’ hands while enjoying the sunset — a lot more fun.
If this has hit you where you live, gimme a call at 619 889-7100. Have a good one.
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