2006-06-28 10:55:21 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If a peson retires and proceeds to spend all of his income as he receives it, you are correct. At some point he will need to adjust his lifestyle to meet his income.
Far better to plan on living on HALF of one's retirement income, reinvesting the other half for future growth.
2006-07-05 11:21:40 · answer #1 · answered by Thinker 5 · 1⤊ 0⤋
This is why you must SAVE money with 401k's and other savings accounts. You cannot expect to live off of retirement monies only. Start saving early you should not have a problem later in life.
2006-06-28 11:00:54 · answer #2 · answered by fremar6 2 · 0⤊ 0⤋
It's called SAVING FOR RETIREMENT and using a good investment vehicle for those savings - i.e. 401(k), 403(b), Roth IRA, traditional IRA, etc. If you invest in good, solid mutual funds you should be set come retirement-age.
However, if you choose to spend all your money now, you will spend your "golden years" working at Wal-Mart and eating Ramen Noodles. Take your pick.
2006-06-28 15:14:43 · answer #3 · answered by jfrabell 2 · 0⤊ 0⤋
The churches and families of the aging generation need to commit to contribute to the well-being of their people. As a general rule, so many people have lost sight of the respect of elders that makes this providing a joy.
2006-06-28 11:02:43 · answer #4 · answered by Matthew B 1 · 0⤊ 0⤋