Is Your Retirement Plan A House Of Cards?

The thought of running out of money after you have retired or when you are close to retirement can be very frightening.

I have interacted with a lot of retirees who are more miserable having retired than they were while working at a job they actually detested.

Many have gone on to look for jobs in their old age, if not for the money, to keep themselves busy because they suddenly have a lot of time on their hands and not much to do with it.

Ask these same people if this is the kind of retirement life they planned for after all those years that just seemed to dissipate like a passing sun, and all you get is a sullen stare.

Retirement is never as far away as it seems. Don’t believe me? Ask people who have recently retired if they expected the time to come that soon.

Here are three mistakes you can avoid to ensure your retirement plan is as solid as it should be as opposed to a house of cards, irrespective of your age.

1.  Failing to discover your life purpose

Conventional wisdom tell us to go to college, graduate and get a 9 to 5 job working for a reputable organization, get into debt to buy a house, car and all the other comforts of modern living, then save and pay off your debts by the time you retire.

Unfortunately, a good number of people who have followed this path have ended up disappointed, largely because the role of your life purpose is missing in the equation.

Discovering and living your life purpose can go a long way in helping you live a more meaningful life.

2.  Creating unrealistic assumptions about retirement

Because retirement is a subject that many people feel they do not have to deal with right now, it is easy to create unrealistic assumptions.

These include; underestimating how much money you will need to retire, believing that you only have to worry about supporting yourself and no one else in retirement and thinking you can always join the work force again in beyond your ‘past due‘ date at will.

There are other ways out of the rat race other than retirement, and you do not need to put the rest of your life on hold hopefully then retire at 65 to start ‘living’.

3.  Relying on someone else to take care of you when you retire

This could include your employer, your friends and relatives and yes, the government.

If this describes you, chances are that you’ll never attain the form of financial security that will enable you to enjoy a worry-free retirement.

For as long as your financial well-being is directly controlled by someone else over whom you have little or no control, you will always remain financially vulnerable and end up living a life of mediocrity.

Now really think about that for a minute.

Does it not make sense to start taking control of your financial future starting today?

It is equally important that you eliminate the entitlement mentality as it destroys initiative and only sets you up for disappointment.

Put an end to unrealistic financial expectations from your employer, the government, your children (if you are aging parents) or your parents (if you are an able-bodied adult of sound mind who still depends on your parents to earn a living).

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