Topic: Your aging and retirement plan is your responsibility. (Read 1500 times)

You are quite right, income through cryptocurrency or online brings many improvements to life and has given me too. But many people who are not able or comfortable to earn money through these means. Those who have to struggle to get food for the day and many cannot get three meals a day (such a picture is more common in urban areas). For those of us who are self-reliant, we can do something for them with a little initiative so that they do not have to beg anymore.

Let me tell you about an incident about two years ago, I was going with one of my elder brothers in his car. The car was standing for about 20 minutes due to the traffic jam. At that time an old man came to beg. Seeing the beggar, I felt pain in my heart and I was going to give him some money. Immediately brother got down from the car and put a basket of eggs for him along with a stove and a pot on the roadside with many suggestions. A few days ago, while going that way, I saw that the man had built a big egg wholesale shop there. So we will make our own plans and if such helpless people can be put to productive work with little initiative then how good it will be for those helpless people, for the economic and social environment of the country!

Easy to say but it would really be that so hard to implement specially if we do have tons of responsibilities and other payables or bills on which it would really be
causing up for you not to be able to have some savings due to this very reason and  this is why its not really that shocking that there would really be those individuals who do really ends
up on having nothing on the time that they do gets old because they had given everything into their children on raising them up. Well, its not really that bad since its our responsibility
but it would really be also that wise that you should really be allocating something for yourself for the future.

There would be no assurance on what the future looks like on which whether its something that will really be that good for you or something bad. This is why
financial back ups will really be something that relevant and must have.

We need to understand that we also needs plan for our future, not just to live at the moment have some savings don't settle with just living paycheck by paycheck or spending all of your excess money to party or buy unnecessary things.
We need to sacrifice now in order to have a better future.

Planning for retirement or saving for the future is not too difficult and anyone can easily plan for it. But you're right, the problem here is that with the world situation full of instability, most people are having difficulty surviving so how can they think about preparing a retirement plan. It sounds easy, but how many people actually do what they plan or are still struggling with each daily meal?

Many people are talking very well about their retirement plans, but I want to ask how many people have realized those plans or are they just unfulfilled plans? Because between saying and doing there is a very wide gap.

I think with the global economy in shambles, most people are only focussed on survival, not on saving for their own retirement. The increase in inflation also leave very little money for people to have disposeable funds to push into investments or savings.

Governments are also struggling, because people pay less taxes, because they were retrenched or the companies closed their doors ....so they cannot afford the increase in the social grants that they pay to the unemployed.

No matter how difficult life is, of course we still have to plan for a better future than now. What you said is very true. We are responsible for ourselves to plan for old age when we are still young because we don't know for sure whether we will be able to do it. work until old age or not and if we don't prepare for old age of course we have to continue working even though we are old, but by planning slowly as you say I am very sure we will be able to enjoy old age by relaxing with the family because we already have an income that we can get from the efforts we have prepared when we were young.

The only mistake on here is that not everyone would really be having that kind of urge on finding with those opportunities but instead they do really tolerate out that laziness inside of them and this is the reason on why
they do miss out tons of opportunity on which they could eventually be able to make money or would be able to make themselves that financially free. Everyone do really tried their very best on acquiring or achieving this kind of situation or condition into their life. Who doesnt really want to get rich or financially free? If yes, then you would really be needing to do more work and opportunities that could really make you earn money.
We are getting old or not getting younger on which we cant really be able to rely into other people even with our kids because one day they would really be leaving us out on which as you as a couple
then it would be always best on having that financial back up specially in talking about future talks.

Did you know? Even though I don't have a financial advisor, it's not that I don't have trust, but from what I know now from other people, what they experienced with their advisors, I don't like it, you're just important to them because their insurance sales depend on you, but once you've secured the, you can't approach them when you have questions, you're abandoned. Anyways, it's better that way mate, you know where you should and must put your money even if you don't ask anyone because it's your own money, you decide how to grow it and keep it.

I understand what you mean, however, it doesn’t mean that things can’t be different with you. You can make a difference and bring change (no matter how small it seems). It doesn’t have to be a business, it can be something simple but you can feel it as a gift for yourself as well. Also, they say that little drops of water is what makes a mighty ocean. I think that consistent little preparations will likely amount to a grand retirement.

Yes, the hardest situations can lead to crazy new opportunities. There's more to side hustles and odd jobs than just keeping the lights on, right? You can develop something for yourself and your community

No doubt, entrepreneurship is hard. I won't sugarcoat. You know the battle. You undoubtedly have skills and connections no one knows about. All that could be utilized to build a small, targeted business that satisfies a local need. Making that survival grind a basis for something more stable is powerful. Changing your situation, not just surviving, is key

In order to maintain a good standard of living in retirement you need to take care of this in advance. I don't have a financial advisor, but common sense tells me to put money aside so I can use it in the future. I cannot trust the state and I want to take care of my own well-being. Now there is no better way to save your money than investing. There are many ways to invest money in a profitable business and ensure a normal life in old age

Investing for retirement planning in old age is a good idea. Because we will never know our fate in our current workplace. Start planning to invest now while you're still young. Investing in the crypto world is very good. seeing the promising future of the crypto world, but I recommend not to only focus on investing there, there are still many other promising investments. A good long-term investment suitable for old age is buying private land.

As a financial planner this is something that I discuss with my clients in a daily basis, and what you’ve said here is so very true.

I tell most of my clients to invest as if Social Security wasn’t going to be there. This is some thing I fully believe myself, as I don’t trust the federal government and far as I could throw the whole lot of them tied together. Anything past was I personally save is a bonus.

Sometimes we are in difficult situations like this, but we have a responsibility to get out of these situations to plan a better future.
Again, we must be aware that in old age we will have responsibility for ourselves so that when we are no longer able to work, we must have savings or a business that will continue to run so that our needs can be met.
Planning for the future is indeed difficult but we can do it slowly, we get through today and keep thinking about the future, I am sure that if we have a plan for the future and consistently carry it out then it can be achieved.

That's the mindset that everyone should have but the problem is that it's probably a bad idea to be saying that to everyone because not every person can afford to do that, take a look at me for example, I grew up in a poor neighborhood and I haven't seen a lot of people trying to go for saving for their retirement because most of them if not everyone in that neighborhood is trying to survive on a day to day basis, they don't have a stable job and they don't have the skills to qualify for a steady job, they're mostly living through hustles and side jobs that would lead to them having shortage of money, most of the time, the money that they get from their side jobs end up being not enough for them for the day that they're already happy about it despite not having any money left. My point is that even if thinking about your retirement and planning ahead is the right thing to do, it might not apply to some people because of how they are with their life.

Retirement plans are important irrespective of what part of the world one is. While working, you need to make plans to stop working someday, because overtime you may not be able to continue doing the work/job. For some, this retirement plan is getting a business for themselves, or finally doing something for themselves, and not always working just to fit in.

Surviving in this kind of generation is not that easy, maybe lives before is very simply that's why those people survived. But not right now, been part of 2008-2009, went out of job, so some side hustle, luckily was able to find a new job that pays better, stay there for so long and then retire from the money that I have said thru several investments and open up a small business and still grinding up to this day because I have families to feed and then the education of my children. So it's really up to the individuals on how they are going to survived or how they will adjust with the difficult times. As I have said, I still try to continue to save specially now that I'm into crypto investments and hopefully this will be my last will and testament for my children.

Well said. But these days, I do not think there will be a responsible person still living a carefree life without minding their future. The consequence is obvious around us and if we are not taking the future seriously to save towards it regardless of how many children we have, it could be an issue later on. There is nothing bad in committing a huge amount to this with at least 25 years of savings and investments plan. This is irrespective of where we work, our status and our pension, anything can happen, so it is better to get fully prepared for the unforeseen. But if the future becomes the present day and it starts settling itself, our plans would have been an added advantage at that time.

But still, your plan is still not without fault if it's Bitcoin you are relying solely upon. You mean you only plan your future on Bitcoin, an asset and a project that has not been tested and trusted for many decades. That's gambling if I must tell you. I would even like to know the price at which you started buying your Bitcoin. For those who started buying at lower than $5,000, it's still a very good deal for them compared to those who bought it after hitting tens of thousands. Without mincing words, the best approach is for you to diversify and randomise your investment in both online and offline investments.

As it should be but we know that people would really be that having that kind of impression and mindset that government would really be someone who backs them up on which they've been expecting that when they do get old then they would really be getting those aid but without even thinking that what if there's none? For sure you would really be ending up on having that miserable life specially if you dont have that savings together with you and with your wife/husband on which we cant really also make ourselves that being dependent with our own kids/children too when they do gets old considering that they would really be having their own family too
and besides you both arent their responsibility in the end of the day but rather focusing with their own family and their own lives.

Good thing if they would really be having that consideration on looking at you when you do gets old but we know that not all kids we do have will really be definitely be having that kind of concern on the time that you do get old. You wont really be finding yourself having that assurance that they would really be having those approach when the time comes.

Our future is something that we cannot really foresee, we don't know what is going to happen in the future or in our future, even at this day we might have a good stable income but in the future, we might not have that kind of income anymore, it is just something that we don't know and we just can't control. So saving and investing are just really important for everyone because it is going to secure our future, it is just something that is necessary to have for each and everyone, If you don't have a retirement plan for sure it is going to be difficult for you when your old already, I mean we surely have good income right now since we have strong body to work, but if we cannot work anymore there should be something like a source of income that we already have in order to survive. I would prefer for sure businesses, passive income, etc, but the easiest way is just to get a retirement plan.

Of course, we have cryptocurrency investments I personally hold for long-term investment, it can also be something that we could use in the future if you are going to hold for a very long time, I mean as long as you have multiple sources of income and diversify your money you will save and profit for your future, I have a lot of friends that are already old and have a huge financial problem to the point where they are already getting supported by there family just to eat, etc. Which is not ideal for your future, it is surely your responsibility so if you're still young you should always be saved for your future, I've learned it the hard way when I spent a lot of money that I earn when I was just a student on cryptocurrency, not it wasn't like that anymore and I really hope that I've saved more when Im earning thousands of dollars on crypto projects.