I was listening to a Chris Hogan podcast the other day and I heard a statistic that really shocked me; 53% of baby boomers are not saving anything in retirement and have no plans to save. All I can say is…. Wow. I can’t begin to fathom the mindset it takes for someone to willing not save or plan for retirement, especially being that close to retirement age. But, like the old saying goes; when you stick your head in the sand you’re exposing your butt.
I’m sure a portion of those baby boomers will say that they have social security waiting for them so there is no need to save for retirement. Do you really want to place the Golden Years of your life in the hands of the government? In case you haven’t noticed they don’t exactly have a great track record of handling money.
There are also statistics that show that people who don’t save for retirement work longer and harder because of their lack of savings and a lack of a plan. Financial guru Dave Ramsey quotes Proverbs 9:6 when asked about this very statistic/topic;
Proverbs 9:6 – Give up your gullible ways, your naïve thoughts, for true life. Set your course for understanding. (VOICE)
When asked, here are the top 4 reasons people don’t save for retirement;
- Daily Living Expenses
- Credit Card Debt
- Medical issues.
These 4 reasons each deal with debt and debt is a thief that steals your future.
My plea today for not only baby boomers but any and all people reading this is to become a money gardener and grow your money. To do that you need two things; Time and Compound interest. There are no two ways getting around these required variables. It doesn’t matter if you’re 20 or 80, you can still make a lot of headway just using those two ingredients.
If you are reading this and don’t know where to start I would encourage you to look for a nearby Financial Peace University class being offered. I know a lot of people that have gone through this class (myself included) and it not only saved their financial situation but also saved their marriages and relationships. If there aren’t any classes offered nearby, Dave and his team offer a home study program to go through on your own. If neither of those options work you can also search for a certified Dave Ramsey Financial Coach for one-on-one coaching.
Of course you can also contact myself or someone here at Paradigm shift to help you through the next steps to setting up a thriving financial future!
Proverbs 13:22 – A good person leaves an inheritance for their children’s children, but a sinner’s wealth is stored up for the righteous. (NIV)