From where I stand I have lots of time, but not a lot of resources.
Our biggest issue as senior citizens is affordability. Affordability of health care, daily expenses, necessary services. Most of us are on fixed income. What that means is that most of our income is not growing in value; our purchase power is much less today than it was the day we retired.
When gas prices go up or a new medicine is prescribed, we have to find money to pay for these things from our present budget. If we get fatally ill, we could lose all of our assets to pay for that medical care, including our homes, our pensions, our savings.
So, don't be surprised to know that we will cost tax payers more for Medicare, for Social Security, for Medicaid. These programs took a long time in coming, helping many people live through a longer lifespan with a modicum of security.
Middle class seniors who worked all their lives, who saved and scrimped, are still in jeopardy. If Medicare and Social Security were reduced, seniors would be suddenly homeless and on the streets.
Regardless of where we live, most seniors have a tough time balancing their budgets. More and more seniors become wards of their own children, bunking in a spare room. So, if we go under, our children go under too, taking us in, suffering the extra burden of babysitting grandpa who is unable to afford to stay in his own house.
Most folks run out of savings in the first five years of retirement. Even with social security and Medicare, seniors are quickly lowering the quality of their lifestyle the minute they quit their work. They may not need new clothes or new cars, but they will need more and more medical services and drugs.
Can you save enough to live well in your golden years? Financial advisers tell you to start savings in your twenties, investing your money for the years when you won't be able to work.
Now, if you expect to retire early, you need to stop reading this, turn off all extra appliances, and start making a plan today to live frugally from this day on. Don't say you didn't know.