Originally published at: https://blog.12min.com/what-color-is-your-parachute-for-retirement-summary/
Planning Now for the Life You WantRetirement planning is harder than ever, especially for the American citizens. According to experts, the Americans’ savings rate days march towards certain defeat helped by the Social Security disaster.
We intend to give you a clue on how bad the situation is, so that you can alter your mindset, and change your future.
Who Should Read “What Color Is Your Parachute? For Retirement”? And Why?By all means, Richard N. Bolles and John E. Nelson have enough expertise to assist you. We give this book thumbs up, due to its highly impartial and realistic point of view on the retirement programs worldwide. In other words, rating this classic wasn’t exactly as hard as the topic we are about to discuss due to its comprehensive, challenging facts linked to retirement planning.
I am too young to think about my old days. Don’t be so sure; the struggle starts even before you’ve engaged yourself in some activity. In general, we prescribe “What Color Is Your Parachute? For Retirement“ to all people, regardless of their status, or age.
About Richard N. Bolles & John E. NelsonRichard N. Bolles was born on March 19th, 1927 and passed away 90 years later on March 31st, 2017. He left a legacy of good books, which changed the way people interpret life and retirement.
John E. Nelson is considered to be an expert in retirement and pension planning.
"What Color Is Your Parachute? For Retirement Summary"The society has compromised many aspects existing nowadays, including retirement. We can no longer feel absolutely sure, that we understand the exact meaning. In the old days, when we say old we referred to 50,60 years ago, workers from capitalist and communist countries had a special treatment from the companies or organizations where they created value.
Here’s the deal:
Their contribution served almost as a guarantee that at the end of the road, they will get their fair share of the Global dream.
The fundraising process began with personal savings, and added up to this program were the social security payments which kicked in to create a diversion. It’s worth mentioning that this so-called retirement program was embedded deeply in people mindset, unlike today.
Here’s the worst part:
The days of working in a single company for 50 years are unknown to today’s population. In the world of uncertainty, we can only say – How the world has changed!!
Stay with us, to have a clue about what it’s actually happening:
These days, when the battle for survival has reached its point of no return, the ordinary people are always the underdogs, deprived of job security, that they once had. In the harsh world full of envy, pensions are perceived as an archaic instrument, entirely unnecessary.
The margin of error is very low, probably even not existing, leaving you stuck between two fires that can cause serious damage. People who want their struggle to be rewarded at the end of their professional endeavor, are now forced to worry too much. The planning process doesn’t leave room for making a mistake and thus contributes to the creation of an elaborate retirement plan.
First and foremost, we cannot run away from the aging process, just like any other person, one day your time will come. Do you prepare to welcome this day, with excitement instead of financial misery? If you are still on thin ice, Richard N. Bolles and John E. Nelson will help you stand firm on your feet, and do something about this issue.
You might be interested to know the modern age pros and cons:
The 21st century, brought many new things, including a unique perspective for creating a pension plan. As we said, one must not live under the same rules, as our parents or grandparents once used to. New financial metrics prompt a new way of life, filled with precarious employment and insecure retirement savings or investments. However, the modern society presents a couple of options for handling these issues:
- Starting a whole new career, and avoid the need for retirement
- Invest your earnings and become a top-notch entrepreneur.
- Renegotiating your status, so that you’ll only be engaged in tasks that you find attractive.
- Going from full-time to part-time status in your company.
- Begin your “revolving retirement,” program, where you can return anytime, and contribute periodically.
- This adds to option number one, instead of retiring you can offer consulting services in the company, besides – What do you have to lose.
Key Lessons from “What Color Is Your Parachute? For Retirement”1. Manage your money 2. Start planning today 3. Facts are crucial
Manage your moneyHow to allocate your financial resources adequately, is a question of million dollars. In fact, the budget plan should include necessary expenses like loans, or mortgage and other utilities. But aren’t we forgetting something? – Of course, fundraising for the old days – approach it with utmost sincerity and openness.
Start planning todayThe financial matter interests us the most, so let’s stick to it. While reading “What Color is Your Parachute? For Retirement”, you should ponder and imagine yourself being in a tight spot, in the hope of finding that inspiration to design a retirement plan.
Facts are crucialNow, more than ever, you must engage in gaining access to trustworthy, reliable, information. Generally speaking, this makes the whole difference in the world, because it allows to evaluate your current status and make smart decisions while following a specific criterion. In fact, this is the only way to plan your retirement correctly and ultimately receive your “bonus”.
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