Retirement is now a risky venture. For the past 100 years, society as a whole has moved away from the value of supporting extended families. Before, parents would live with their children when they became too old to work. Now, the elderly are living by themselves or in nursing homes, and sometimes the money was just not saved before retirement.
Pension plans have been dwindling among employers and even those that still exist for public employees, as well as, other sectors are at risk. 401K can be very volatile depending on how well or poorly the market is doing. Dependent upon how much has been saved in various stable retirement accounts and if those accounts were a viable investment, it is an especially risky venture relying on social security to sustain if that option is available. A high percentage have not substantially saved for retirement and will need to acclimate to semi-retirement by taking on part-time employment as a meager steady stream of income.
In this day and age where the economy is struggling to stay afloat, where the cost of living keeps increasing but yet the pay scale seems to stay the same, in a day where we are losing our rights and privileges without our consent, retirement could be a huge gamble. Retiring means being on a fixed income, and without a pension and thousands of dollars tucked away many are dependent on what the government grants us for working our whole lives and contributing to the state of our economy. Many pensioners are finding it very harder to make ends. Many resort to selling their prized possessions that they've accumulated over the years just to make sure they have a roof over their head and food on the table. Most are forced to leave their homes and downsize to a more affordable place to live. At the end of the day, when you are out in the working world you have the ability to go where the money is. Retiring is taking a gamble that the Government you paid into your whole working life will take care of you. So are you a gambler?
Retirement can be scary, not knowing what might come up. Having a fixed income to do everything on, unless you have set away quite a bit of money you never really know if you can manage everything that will happen on the money you have. I hope to retire comfortably someday