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Over the past few decades, the savings rate in America has declined to an alarming level. Crown Financial Ministries reports the savings rate reached minus 0.4 percent in September, 2005. It was the fourth month in a row the savings rate was negative. It would seem that we have slipped into a position where we are a nation of consumers with no concern for tomorrow.
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Someone recently asked me what I planned to do when I retired. “Retire?” I asked. “I’m not planning to retire!” I can’t think of anything much worse. What would I do if I weren’t pursuing my passion? Yes, my work is my passion and I hope to be pursuing it for many more years.
I like to travel, just not for long periods of time. I don’t play golf. I do mess around in my garden, but this only takes a few hours of my week. I love to read, but I couldn’t read all day, every day.
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Early retirement is a situation you may face either by choice or by force due to compelling circumstances. If you voluntarily choose to retire early, then in all probability you would have chalked out the course of action your life will take post retirement. However, if you are suddenly forced into early retirement, for example, when your employer asks you to retire ahead of your original retirement schedule, you are probably caught off guard, with absolutely no clue about how you are going to occupy yourself in your forthcoming idle life. This situation may also arise if you have voluntarily put in your retirement papers but have not planned your future course of action.
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Have you heard of “The Bag Lady Syndrome?” It is very common for women. It means that no matter how financially stable you are, you are afraid you will end up as a bag lady. Rather than feeding into that financial insecurity, challenge yourself to overcome that obstacle and quell your retirement fears.
