21st Century Retirement Is Not What It Used To Be

By: ispeculatornew
Date posted: 05.07.2013 (3:00 am) | Write a Comment  (2 Comments)

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There a couple of bigger projects that I’m working on following feedback from all of you. One of them is an ebook that will basically explain my thoughts on investing, retirement planning, etc. I do plan on having it released before the summer, if you’d like to find out first when I do, please join my mailing list:

Here is one excerpt from the ebook:

Thing have changed dramatically in the past 10-20 years but only in the fact that some of us will struggle to retire but there is also an increasingly big group of people that retire in their thirties or forties and sometimes even earlier. Yes, of course they do more than stand around and sit by the beach.  That is because being retired has taken a different meaning in recent years.

It’s All About Being Financially Independent

Just look around the internet and you’ll see plenty of “retired people” that are working more than I do. The difference? In theory they could stop working tomorrow and take several months, years or even decades to simply enjoy life.  It’s unlikely they would ever do that. As much as we like to think that the best life is doing absolutely nothing, most of us are smart enough to know that it’s only fun for so much time.

That being said, being financially independent makes a world of difference. Why? Because:

-going to work feels so much better when you know that you “could” leave tomorrow

-avoiding the stress with family and friends of worrying about expenses, paying your bills, etc

-it doesn’t take money to make money..but it sure helps a ton, it gives you more possibilities, etc

-makes it easier to go for your dreams when you know that if ever it doesn’t work out, you’ll be fine

What Does It Mean To Be Financially Independent?

This is certainly something that would be incredibly different from one person to another. Some would say they need $30K per year, others would say they need to be worth $1M, $2M or some other “magic” number. I’m making my mission very public by publishing my goals and progress every month. What does it mean for me? I’ll try to put it in a simple way:

-Being able to generate enough passive income to be able to pay my bills

-Have that income increase yearly by the inflation rate or more

-Being very diversified: knowing that no one event, government policy change or other could affect me significantly

It’s A Lot Trickier In The 21st Century

I’m not saying that my parents had it easy (ok maybe in a way I am) but I think it’s fair to say that being financially independent these days is a major challenge. I will go over some of the main challenges but also how I am making this work on my end. To give you a few hints, some of the major changes are:

-company pensions slowly disappearing or being adjusted

-governments that are financially in trouble and breaking promises

-interest rates decreasing to 0% (or very close to it) which has forced changes in the “traditional” retirement

What are your thoughts on retirement? Do you feel like retiring now is the same as it was 20 years ago?

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  1. Comment by KC @ genxfinance — May 7, 2013 @ 5:20 pm

    Well-written post. It’s difficult to say how much you need every year. Maybe you can if you stay with your current lifestyle. Being financially independent is different from one person to another also. But I agree with you. As long as you are able to pay your bills, have an income that also increases ad the inflation rate does and enough passive income no matter how the government change its policies.

  2. Comment by IS — May 8, 2013 @ 4:08 am

    @KC – Is that what you’re trying to accomplish as well?

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