After many years of observing people planning on retiring as well as people who are already enjoying retirement. Many people are enjoying their retirement funds now, but the problem is they are still working. If you are a golfer, do you want to spend the funds you will need to supplement your IRA, 401K, and/or Social Security Benefits? Instead of playing golf as much as you can now and using some of the funds will need for retirement, reduce your golf time now and be able to look forward to being able to afford playing during your retirement years. Your will enjoy retirement more if you are able to afford the cost of playing golf.
Maybe your are not a golfer. There are other hobbies or pursuits that need the same considerations. Your may enjoy fishing, traveling, sports events, or other pursuits, but the same principle applies. DON'T DO IT ALL NOW AND NOT BE ABLE TO DO ANY OF IT DURING RETIREMENT.
Many people today fall into the "spending" class rather than the "saving" class. We all like to have what we want NOW and not worry about all the tomorrows to come. My hobby is woodworking, creating bowls and furniture that will give pleasure to family and friends. I would not be happy if I were told it would not be possible for me to continue this endeavor...I couldn't afford it.
Often, many are enjoying the things that bring pleasure now with funds that could be invested in before tax IRAs and 401-Ks as well as investments funded with after tax dollars. You may not enjoy your hobbies as much today, but it will bring you much pleasure during retirement.
An illustration of what I am writing about is Scripture about the "prodigal son." He wanted his inheritance (retirement) now. His father gave it to him and he spent the entire amount enjoying himself. When he had spent his inheritance, he ended up living and eating with the swine...not a good way to spend retirement. He ended up returning home to his father for his support, much like depending on the government for total support. More than likely, he didn't get to enjoy the pursuits he wasted his inheritance...he was "retired" with no funds available for his enjoyment.
If this describes you, complete the "Contact" form and discover how Burrows Financial can be of assistance.
Have a great day!