September 15, 2011, 6:00 am

How Serious Are You About Your Retirement?

by: MD    Category: Assets and Net Worth
email this postEmail This Post Print This PostPrint This Post Post a CommentPost a Comment

My Mixed Feelings on Retirement Planning

We all want to retire early and live the life. We all want to have a high quality of life in our golden years. We all have different plans for saving towards retirement.

It’s solid personal finance advice to suggest to a young person to save money towards retirement. We all should have retirement savings on our minds, regardless of our current age. There are many ways that one can go about saving up for retirement and it all depends on what opportunities are available to us. The dilemma with retirement saving for most of us is surrounding the idea of the amount of money that we should be putting aside for our retirement right now.

How much of your current income are you saving towards retirement? How serious are you about your retirement?

I’ve recently had many mixed feelings on saving money for retirement. I wanted to present two different scenarios that got me thinking differently about retirement planning:

Scenario #1: My friend’s father passed away sadly at the beginning of the year. He worked a job that he didn’t like up until his last few days because he never planned for his retirement. Since he never saved money and had three children, he had to work way past the point where his body could function properly. He would hate his job and waking up every day for work dreading it.

Scenario #2: A rich older man that I knew of passed away just as he retired. He planned and saved for his retirement meticulously. He was so aggressive with his savings that he was able to retire at 55. His sacrifice and dedication paid off as he reached his goal of early retirement.

As you can tell the first scenario has me worried about retirement and the idea of saving enough money. I really don’t want to end up working a job that I don’t care for until my late-60s. Especially if I can start planning for this in my 20s.

On the other hand I don’t want to live like a hobbit and save every single penny. There’s no fun in staying home and not going out much. I could never be one of those people that brag about saving money by not going out or traveling at all.

What’s my solution to my mixed feelings on retirement planning?

Setting long-term financial goals while still finding ways to enjoy the present moment. You don’t have to go in one extreme or the other.

You can escape the rat race without being completely careless and quitting your job without a backup plan. There are many ways that you can enjoy today without losing out on tomorrow. I believe that it all comes down to conscious spending and prioritizing. You can have the nice toys that you want as long as you make the money and manage to save a decent amount of change. It’s cool to spend your money on trips if you plan for it and earn in.

I really believe that we can have what we want right now while still planning for the future. We just need to plan ahead and find that perfect balance. It might take a long time before we find that perfect balance, but I’m sure that it’s possible to hit eventually.

If you want more detailed help then you should check out Mike’s newest eBook launch: The Rat Race: 1 Year From Now, Will You Still Be A Rat? This small investment can help you get out of a viscous cycle that’s taking a toll on your health and your happiness.

What are your thoughts on saving for retirement? How aggressive are you? Would you rather spend more money now to enjoy life?

(photo credit: john walker)

You Want More? Sign-up! ->
TFB VIP Newsletter

If you liked this articles, you might want to sign for my FULL RSS FEEDS. If you prefer to receive the posts in your email, subscribe CLICK HERE


I’m pretty aggressive about saving for retirement. The one thing I don’t mind spending money on is traveling. We love to see new places and we cut back in other areas to pay for travel. We’re relatively cheap when traveling too. I don’t mind staying in a 2 stars hotel as long as it’s safe and clean. Congratulation on the newest eBook launch.

It seems I have a lot in common with retireby40. I am pretty serious about saving for retirement, but I want to be able to travel while I can. My retirement plan includes 403(b), Roth IRA, and real estate to put it simply. Maxing out each every year and living frugally. I think it’s important to stay healthy and lower your odds of dying early as well.

I’m not saving as much as I’d like for retirement right now, though I do have a plan to improve that in 2012. I have worked to save enough of my income (16% of my net pay) to be secure in my (eventual) retirement, but I am also earning extra money to use for fun.

I am terrified of ending up in either of the two scenarios you described – I’m working hard to prevent either of them from happening to me.

I max out my retirement savings. I expect that I will have a lot of free time to travel more and do more things in retirement.

[…] Financial Blogger presents How Serious Are You About Your Retirement? posted at The Financial Blogger, saying, “How serious are your […]