Now more than ever people are working late into their careers. Have you thought about how long you want to work?
For example on my flight home from Boston there was a flight attendant who must have been around 70 years old. Everywhere you look in the fast food industry such as Chick-Fil-A you see older workers or even just a retail store in the mall. It is becoming more and more an issue almost too epidemic proportions, people working longer.
There are many things that can lead to the path of working until you are 70. A couple are, not saving, living above your means and the most frequent is failure to plan. How many 70 year olds do you think have a financial plan? But it’s not just 70 year olds, how many 20 something’s have an idea of when they will retire? There’s a gap.
Where is the tipping point when someone realizes they need help, it depends on the person. It’s the same reason people don’t admit themselves to a clinic if they are an alcoholic. We like living without accountability for our actions.
I get frustrated at the thought of working until 70 because that to me is a lack of accountability and therefore planning. I read an article the other day that said financial advisors are not worth the money you pay them. I found this to be a rather intriguing article. Instead of focusing on how advisors make financial plans, the author berated advisors as being nothing more than stock pickers and giving out information so easily found online.
I compare this to losing weight, learning to eat healthier and going to the Doctor. The information on all those subjects can be found online, but why would you hire a personal trainer? Accountability. If you are serious about losing weight you would find someone to keep you accountable. Sure you can find the information online and do it yourself, but how long will that last? You will be trying to lose weight until you are 70!
Don’t take planning lightly. If you don’t want to end up like the 70 year old flight attendant, start planning now and find someone to keep you accountable. It’s like the saying goes, better late than never; unless you are retiring then it might be nicer to be early.