Plan for the worst and hope for the best. That’s what a friend of mine used to tell me she always did. That’s how she ran her life. I’m a planner – I plan just about everything. But I do not plan for the worst and I always hope for the best. However, when it comes to feeling good about what our future holds as far as health care and retirement looks like, this would be a time to plan for the worst and hope for the best.
Health care is and will continue to be one of the biggest expenses in retirement. Yet many people nearing retirement don’t understand the risks these costs pose to their financial plan – and aren’t preparing for them. According to the 4th Annual Nationwide Retirement Institute survey, America’s workers are “terrified” of health care costs in retirement, but few are doing anything about their concerns.
Here’s just a few statistics and things to ponder:
Remember when everyone used to work at the same… department store, firm or manufacturing company for 35+ years. Back then, you were promised a pension and allowed to also keep your health care plan after leaving their employ – even for the
Why do so many people spend consistently more than they earn? They fall deep in debt, their quality of life plummets, they retain their cherished buys, but do not enjoy them fully. Sadly, they believe seductive lies merchants put forth while peddling goods.
For over twenty years, I have been working with mainly churched individuals, couples, and families on personal financial matters. Many were in deep debt, concomitant stress, and joyless for long periods. Some emerged debt free in different time periods, while others stayed trapped in the debt cycle. During this time, I noted specific attitudes and behaviours that led some people out of debt, and attributes that appear to keep some folks trapped.
Ten Reasons people spend consistently more than they earn
Particularly, I noted ten reasons many folks seem to spend consistently more than they earned, and so, they remained stuck in a debt cycle. However, one significant observation surprised me. Folks who chose to stick to only some of the items on the list, never had sustained success as others who followed all of them. So, it was not good enough to set a goal, do a budget, and plan for emergencies alone. Instead, folks needed to be alert