A man who’s never short of a memorable quote or two, Warren Buffett once said “If you don’t find a way to make money while you sleep, you will work until you die.”
You might think that’s a bit grim, but that’s the reality for more than 96% of employed Americans today. They’re facing a future where retiring at the age of 65 is nothing more than a pipe dream.
According to a study by the Employee Benefits Research Institute, the vast majority of employed Americans will be left unable to collect their full Social Security retirement benefits. With more and more people living longer, the Social Security Administration has increased the age at which US workers will receive their benefits.
So, what to do? Keep working into your 70s? Your 80s? Or heed Mr Buffett’s advice, and put your money to work while you catch some Zs?
Invest in Your Golden Years
Not knowing when – or indeed, if – you’ll be able to retire is a scary thought.
But what’s scarier is not doing something about it right now. Open a savings account, start a pension, speak with a wealth manager – or invest in the companies you love!
Saving for retirement is smart, and something we should all be doing. Investing for retirement is also wise, as inflation can affect cash savings over the long-term. What’s more, the markets tend to outperform savings given enough time, giving you the chance to grow your investment and earn higher returns.
You can also lower the level of risk you take when investing by spreading your money across different types of investments.
Learning to invest could be the difference between enjoying your retirement, and clocking on for a shift when you should be playing VR shuffleboard! The sooner you start, the sooner you can retire.
Take Charge of Your Financial Future Today
You’ll find a host of handy resources on our blog to help you take your first step into the world of investing, including:
- What’s the difference between saving your money and investing it?
- The answers to basic investment questions you’re too scared to ask
- A beginners guide to stock market buzzwords