We all face an enormous task in funding and growing our retirement assets. The public and private systems are completely failing.
Social security, public pensions, corporate pension plans are not going to be able to deliver on the promises they made and the government will go broke trying to keep them afloat. It is time to face the music and take control of your retirement assets accepting that the only money out there for you in retirement is what you manage to save.
Bearing in mind that it’s all up to you, the following action steps will ensure that you will have the best retirement regardless of failed promises:
1) Set a specific percentage goal for your retirement savings this year increasing it from last year. When you have reached your maximum contribution, add a new account.
2) Open an additional account, Roth or traditional IRA, VUL or variable annuity.
3) Rollover your old 401(k) and get it under your own control. Odds are it will make more for you when you manage it yourself.
How you live in retirement is going to be determined by how much you save and by how much you nurture and grow that money over time.
Don’t be aggressive with it because you just can’t afford to lose it. Make sure your retirement assets are bear-market proof. Take care of your retirement money like no other money you have because it is the money that will take care of you someday.