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The 10 Commandments Of Retirement

FYI: We’re faced with a host of thorny retirement issues: Keep Social Security solvent. Make Medicare affordable. Many Americans aren’t saving enough. They want to retire earlier than they can reasonably afford. They’re effectively financially illiterate.

But in the end, you don’t need to worry about all Americans. Instead, what you need to worry about is you.

Want a comfortable retirement? Here are my 10 commandments:
Regards,
Ted
https://www.marketwatch.com/story/the-10-commandments-of-retirement-2018-08-21/print

Comments

  • I would add Commandment #11 -- Exercise.
    Perhaps that should be #1.
    (I'll grant that the focus of the article's "comfortable" retirement was financial issues. But not much else matters without good health.)
    David
  • edited August 2018
    dstone42 said:

    I would add Commandment #11 -- Exercise.
    Perhaps that should be #1.
    (I'll grant that the focus of the article's "comfortable" retirement was financial issues. But not much else matters without good health.)
    David

    + 1 Too bad most don’t worry about their health until it is too late.

  • It took middle age for me to understand "healthy, wealthy, and wise". It's a circle of life. The wise use their health to gain wealth. Then they use wealth to gain wisdom...wisdom to gain health...and on around again. The fortunate were born in Sardinia, Acciaroli, or Ikaria. There was a Blue Zone in America but it was a bit exclusive - only for women and Seventh Day Adventists at that! [Then LA air pollution happened.] So, us American men are left to create our own Blue Holes - like Jack LaLanne [son of a SDA]. Jack's was on a hill in CA. Junkster, if I remember correctly yours is in the hills of KY. Does anyone have any recommendations? Blue Zones seems to be more like Bedford Falls than Pottersville but most [if not all] of America has succumbed to Potter.
  • edited September 2018
    A cursory reading suggests that what I think may be the most helpful Commandment I ever learned is missing. And it came to me from an unlikely source - Richard Strong, who often used it in his (now defunct) fund company’s promotional literature:

    “Pay yourself first.”

    Strong didn’t originate that. He borrowed it from elsewhere. But, holy cow, did that make a difference in how I viewed money. Til I read that (in his typically glossy literature) I was burning through my monthly income stream as fast as possible, maxed-out on 2 or 3 credit cards all the time, regularily using cash advances on an “overdraft” credit union checking account to make it to the end of each month. You can’t save under those circumstances. Suddenly, the idea of building assets - instead of debt - became appealing.

    Of course, there were a lot of other positive influences. But I credit that one with really turning things around. What it does to your brain is to get you thinking of regular saving as giving something to yourself - instead of the natural thought that you’re taking something away.

    Anyway, perhaps some younger folks will read or hear of this and benefit by it. And that’s my only reason for bringing it up - that it might help someone else.
  • "holy cow, did that make a difference in how I viewed money." Thanks Hank for your story. The industry did a study that found presenting people with pictures of their aged progressed selves was indeed a very effective, if not the most effective, way of getting people to take care of their future selves. Perhaps “Pay yourself first.” should be #1
  • I think @Nod has a good point. Healthy eating and enough exercise are in this country the domains of those who have the means to pursue the proper lifestyle. Lousy, unhealthy food is cheap, widely advertised, and easily procured. You don't have to be well off to be able to eat three meals per day in all-you-can-eat restaurants. If you are a contemporary American working two or three jobs in the service sector, you rarely have time to exercise, meditate, or take care of yourself. I know from experience that eating near-vegan, as we do, requires lots of shopping around for proper ingredients and much longer meal preparation times. We're fortunate to be able to afford it.
  • Totally agree that health care will consumer much larger part of our retirement resources. We still have over 15 years fom retirement. In the meantime, we maintain an active lifestyle, routine exercising (swimming and walking), and eating healthy.
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