Saturday, January 24, 2009

Bad News - Forget Our Retirement

The comedian George Burns used to get a laugh saying, "Don't stay in bed, unless you can make money in bed."
It's no longer a joke. Many aging workers simply can't save enough to create a solid foundation of savings that will maintain their standard of living in retirement.

The current world crisis is here to stay for some time. The insecurity leads to more concerns of our future. News on retrenchments all over the world does paint a bleak global situation that affects the rest of us, working class people.
I read the below article to match my own perspectives as well constraints and plans for my family's very near future i.e. before end of 2009. With two growing kids to enrol in the universities/colleges, the eldest one in this July and second next year, together with Dubai ever escalating cost of living, there are certain things to be urgently re-defined and refined.
Been telling my kids on the need to change a bit of our lifestyles. By July 2009, we have to move out from the Twar 3 villa when the almost 8 year rental is expired. Hopefully, beside still being employed, there will be dramatic change in economy situation. Everybody predicts the fall of rentals and more options in getting the right new home.
We need to put the updated priorities right. Growing older and wiser by allocating more time to concentrate on spiritual matters as life is shorter by seconds....well, the bad news, some of us may have to keep working through retirement years, which I thought could start by having a sabbatical break by next year in Canada...!

Why You'll Work Through Your Retirement
The recession is only one of several trends combining to change the way we live out our golden years

There is a major social and cultural message in the current economic collapse for the future retirees of America: Forget retirement.

That's right. The recession is making clear what we've suspected for a long time. The concept of not working and embracing leisure for the last third of one's life isn't practical for most people.

Continue HERE.

1 comment:

Johnny Ong said...

yeah, those days of 1 spouse staying at home is totally out of the question too for many families