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“One day I was talking with a friend and he told me, Alonso, I give you permission to scold if I don’t do things that help me avoid running out of money in my retirement and he told me in a humorous way, you have to become an evangelist of these issues ”
While it is true that my intention would never be to be a financial evangelist, I do think it is good that we think about some things.
For example, while a German from birth knows where he is going to work and almost how he is going to retire…
We of the Latin mentality, have phrases like “As it comes, we will see”, “One day at a time”, “No one takes away what I danced”.
Therefore, in our day to day and added a pandemic, we do not think beyond; and it is precisely that it seems to be attached to our culture.
Being our automatic response to everything “is that we come from poorer countries or rather we produce less”.
Sometimes we see ourselves as if we were different beings that are going to last a lifetime and maintain our level of work and strength.
We think that in the future a Magical Fairy Godmother will appear who, overnight, will give us what we need to retire with dignity and not be a burden to our children.
But the reality is different, seeing family members who are of retirement age, who have worked all their lives and yet the government’s retirement programs do not give them anything.
We also see when such wonderful, professional, well-educated and well-known people are having a hard time in their retirement, only with the help of their families.
So, it’s time to think cold: remember that the longest vacation of your life will be retirement.
In addition, in these times and despite the Coronavirus, people will live more than 25 years in retirement; of course without receiving a penny.
Statistics even show that many people have to retire earlier due to illness or disability.
So, we must realize that if it is difficult right now to save for retirement when you are retired, it will be impossible.
Although it is true that in retirement some expenses will go down, others will go up, such as: medicines and care, which in the USA are expensive.
So, since we see that we have to do something, let’s see the options we have for a successful withdrawal:
1.- Understand the speed of urgency of the withdrawal:
A young person can say: I will be saving 10% of my income every year.
But a person who is 50 years old has to save a much higher percentage.
2.- Know that the only person responsible for your retirement is you:
Previously, people worked in companies all their lives and received a pension with which they lived in retirement.
Now, either find out how to save and invest for your retirement or no one else is going to do it for you.
3.- If you live in the USA you have to know what IRA accounts are.
The dream of every person who lives in the USA would be not to pay taxes, and the worst thing is that in the USA there are retirement accounts that allow you to save a fortune in taxes.
Many people have no idea what Individual Retirement Accounts – IRAs are.
The saddest thing is that the large number of legal immigrants who arrive in the USA are the ones who use this type of account the least and are the ones who need it the most.
4.- Be honest, you can’t do everything alone.
Many of us do not exercise in a serious and routine way, because we do not have someone who is continuously motivating us and teaching us how to do it better, and that is where many of us would like to have a personal trainer.
In finance, exactly the same thing happens with a financial advisor and planner, he serves as that coach, but so that you reach that retirement goal.
So, let’s move from fear to action, leaving worry aside and get busy, remember that it’s never too late to start.
Alonso Rodríguez Segarra
CERTIFIED FINANCIAL PLANNER
CEO & Founder Advise Financial™