Episode 85: Poor retirement planning will have a detrimental effect on your lifestyle. During income earning years, lavish lifestyles can be funded by credit card and various other forms of debt. But the bill from deficit spending will eventually come due. The pain will be most harshly felt in old age when earnings capacity is limited and health is in decline.
People that live well in retirement do so by one of two means:
- A good pension and saving at least 10% during their working years.
- Those without a good pension must save at least 20% and be successful investors.
Those that don’t comply with either of the above two methods will find their old age characterized by:
- Working to age 70 and beyond.
- Downsizing house and moving to lower cost area.
- Moving in with family/friends.
- Drastically reducing consumption.
- Relying on government assistance.
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