Monday, October 18, 2010

Post retirement living

A new report came out stating that most of our senior citizens are depending heavily on social security for their retirement benefits. Although it was not meant to be an end all to depend on it for your retirement needs but now it has become so due to the investment losses sustained by our retirees in this recession. Although they did what the experts said they should do but nobody knows about the future and so it happened that they lost a bundle in addition to losing their equity in their houses and lost savings. This just shows that savings is a very important vehicle in your life.

Most of the savings is not lost were used to help their off springs wither the effects of this recession since the younger lot have also been greatly affected by it and in the process the older generation have forget or forced to live on meager savings and social security benefits. Due to this, most of the retirees have come out of their retirement and are working on minimum wages (which you can see all over the place) and in some cases the people who are near retirement or thought so have postponed it till they get a grip on their savings. In these cases, most of the experts are at a loss of how to get the young people to start saving for retirement when you are under student loans and other debts and do not see yourself as fortunate as your folks, who saved enough. It is time now to change the thinking and start put cash in your savings account in banks and also if you have extra money to invest in real estate and don’t completely rely on social security.

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