Retirement Planning
Mar's Musings on Retirement Planning
Welcome to this week's Mar's Musings. Last week, I delved into the importance of structuring ourselves for the future to dive deeply into the present moment. Interestingly, shortly after, I came across an article in the Financial Times quoting Larry Fink, CEO of BlackRock, the world's largest asset manager. His words resonated deeply with me:
"We focus a tremendous amount of energy on helping people live longer lives, but not even a fraction of that effort is spent on helping people afford those extra years. Today in America, the retirement message that the government and the companies are telling their workers is effectively, you're on your own."
These words struck a chord because they highlight a critical issue: ensuring financial security in our later years. As we discuss longevity and health, we must also address how we'll sustain ourselves during those additional years. Retirement may seem distant, but it's essential to consider what living standard we aspire to and how we'll achieve it.
Many of us may have contemplated retirement, yet it often feels far off or something we'll deal with later. However, the reality is that the landscape of retirement is shifting. Government systems and private pension funds are facing challenges, and it's crucial for each of us to take an active role in securing our financial futures.
I urge you not to brush this topic aside. Taking action today can have a profound impact on your future. By making small contributions now, whether to a state pension, private fund, or through investments, you're planting seeds for financial security down the road.
For instance, consider the "FIRE movement," which stands for “Financial Independence, Retire Early” has a suggested calculator to multiply your yearly expenses by 25 to get your number. Other calculators like those offered by Fidelity can help you determine your target needs for retirement. While the specifics may vary, the key is to start planning and taking steps towards your future self's financial well-being.
As entrepreneurs, we're accustomed to taking risks, but securing our financial future shouldn't be one of them. Especially for women, it's essential to empower ourselves and take control of our financial destinies. Whether it's through pensions, investments, or other means, let's start planning and making informed decisions today.
Remember, this isn't about fear but about empowerment and securing the life you want to live in the years to come. I encourage you to explore your options, take proactive steps, and prioritize your financial future.
I'm passionate about spreading this message, and I'm here to support you on your journey towards financial empowerment. Share your insights, feedback, and any steps you're taking to secure your future. Let's embark on this journey together, empowering ourselves and future generations.
With warmth and encouragement,
Mar