So far, we have established that we do not like to think of retirement, neither do we like to save for it. There are far more urgent concerns that keep us from thinking about 20-30-40 years from now, and we always hope that the future will sort itself out. However, we also know that a back-up plan, though we hope for the best is wise….
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In the last post, I confessed that even for me, saving for retirement is really hard. This is because of a number of factors, top of which is the fact that my present financial concerns override concerns for the future. Others are psychological: I will make it big in the future so I will not need a retirement nest egg, or, With inflation and all,…
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Why do we all struggle so much to save for retirement? Of all personal finance hurdles, actively saving for my retirement is my biggest struggle. I have valid reasons why I struggle to save for the unseen future, I also have a tonne of excuses. At a rational level, we all know that keeping some money aside for the future is important. It should be…
Read MoreIn the post where I shared Danson’s inspiring story, I promised to share with you information from at least 5 pension schemes in town, and my experience trying to get this information has been like pulling teeth. Of the 7 insurance companies I called, I only managed to get comprehensive information from two. In one instance, I was told that the pension people were out…
Read MoreDanson is 71 years old, and since his retirement from a City Council job in 2004, he’s been living well. He is actually living better than he ever did while employed. His monthly income is higher than his salary at retirement, he first drove a car post-retirement; he has two vehicles actually. When we think of life after retirement, we don’t imagine it as an…
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