Posted on Saturday, 17th March 2018 by

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Updated 8/12/2025

“Retirement is wonderful if you have two essentials —
much to live on and much to live for.”

The author of this quote is unknown, but whoever made this observation was indeed an astute observer of the human condition. Most retirees have much to live for, watching their children mature and become successful, responsible adults, enjoying their grandchildren, and experiencing many of the things they dreamed about doing in retirement.

Others love to travel, expand their hobbies, garden, or remodel their homes. One of my friends spent the first 10 years in retirement remodeling his home. Nick did most of it himself. His brothers helped with major projects, while he contracted out tasks that required expertise or equipment beyond his capabilities.

You may have much to live for, but if you don’t have sufficient resources, retirement can become a burden rather than the reward it should be after a lifetime of work and sacrifice.

Putting off retirement planning until the last minute, when the headlights are on the stop sign, can be devastating. By that time, you’ve lost much of the advantages of compounded interest, which produces considerable investment gains over your lifetime.

What’s in Store For YOU?

I know of many who believe Social Security and their annuity will be all they need to live comfortably in retirement. That may be the case if your mortgage and major bills are paid off and nothing extraordinary happens, such as a significant illness or financial crisis arising.  Several variables can push you off track, and before you know it, you are knee deep in debt and have no way to recover during your lifetime.

Fortunately, a majority of employees plan, save for a rainy day, and have alternatives when diversity comes knocking at their door. Those who don’t plan often lament, “Why me!” Even though you lose the advantages of compounding interest, it’s never too late to start the process.

There is hope; it’s just that the later you start, the more you have to put into savings to reach your goals. Fortunately, Uncle Sam foresaw this problem and has allowed those over 50 to make additional catch-up contributions to their 401K savings accounts for years now—just one of several ways to get ahead when you are behind the curve.

You Can’t Afford Not to Save

I talk to many who say, “I can’t save, I live paycheck to paycheck now, just can’t do it.” Yet, after those same individuals evaluate their spending habits, they often discover many ways to economize and transfer a portion of their unnecessary spending to their 401K plans and other savings accounts. My article, titled “Where Are You Now! Looking At The Numbers…“ helps individuals discover where they are overspending using several helpful tools, including the free Kiplinger’s online Budget Worksheet. Many have found this very helpful, and it is so easy to use. I also offer a free report, “How to be Financially Prepared When You Retire,” which includes a free downloadable spreadsheet to help you discover where you are spending your money now.

Financial planning is one of the major topics I cover in my articles and on our Federal Retirement Planning Center. It’s such an important part of life in general and essential for a sound, happy, and rewarding retirement. Whether you are approaching retirement or have already retired, if you anticipate or are experiencing financial problems, evaluate your spending habits now. Use the tools I list in this and related articles to determine ways to economize. It’s never too late to start.  Another option for retirees is to explore employment options. Your work skills could transfer into an exciting new career.

Helpful Retirement Planning Tools / Resources

Distribute these FREE tools to others who are planning their retirement

Disclaimer: The information provided may not cover all aspects of unique or special circumstances.  Federal regulations, medical procedures, investment information, and benefit details are subject to change. To ensure the accuracy of this information, contact relevant parties for assistance, including OPM’s retirement center. Over time, various dynamic economic factors relied upon as a basis for this article may change.

The information contained herein may not be suitable for your situation. This service is not affiliated with OPM or any federal entity. You should consult a financial, medical, or human resource professional where appropriate. Neither the publisher nor the author shall be liable for any loss or other commercial damages, including but not limited to special, incidental, consequential, or other damages.

Last 5 posts by Dennis Damp

Posted in ANNUITIES / ELIGIBILITY, BENEFITS / INSURANCE, EMPLOYMENT OPTIONS, ESTATE PLANNING, FINANCE / TIP, LIFESTYLE / TRAVEL, RETIREMENT CONCERNS, SOCIAL SECURITY / MEDICARE, SURVIVOR INFORMATION | Comments (0)


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