What Happens If You Don’t Plan For Retirement?

  1. 61667 POINTS
    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    For many Americans, Social Security benefits is the only retirement income they have during their golden years. Most financial advisers agree, that Social Security will not be adequate for most retirees to live on. That being the case, most retirees without additional retirement pensions or contribution plans will be forced to live at the lifestyle their economic means can provide. That reality is not a good one.
    Answered on September 4, 2013
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  2. 1492 POINTS
    Jeff Davis
    Insurance Advisor, Lordship Insurance Services, California
    The same thing that happens when you fail to plan; you fail. Most working people on average will see about $1,000,000 in wages pass through their hands in their working career. Wisdom dictates we take a portion of that money as it comes in and put it aside to cover the times when we are not working. It is possible to not only set money aside but to place it into instruments that provide an interest payment. Money put aside over time receiving even a minimal interest can become a nice nest egg. You will enter into retirement feeling much more secure knowing you have resources in addition to expected Social Security benefits.
    Answered on September 4, 2013
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  3. 225 POINTS
    James Golden
    You simply are going to need financial help from someone or some company. Social security does not provide for emergencies like the traveling expenses for a sick child or adult family member, automobile repairs, extra groceries for holidays an unexpected air conditioning repair bill or high electric bill. It is a hard habit to do but you really should put about 25% of your income into a retirement plan. If you not good at saving then put max amount into your company retirement plan or set up an auto draft for an ira or maybe the best buy as large a participating or variable index life policy you can afford. Make your mind up and stand fast. 30 years goes by so fast you just cannot imagine. I bet on my business and lost millions. only money I had left was in my life policy
    Answered on September 4, 2013
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