But just to give you an idea, the future of your finances would look like one of four possible conditions; granting you reach retirement. These possible scenarios are as follows:
1. You don’t have money. This will happen if you don’t prepare for retirement by spending too much money now and not saving for your retirement fund. If this is how your retirement would look like, you will end up asking financial support from relatives, friends or the government. Most people don’t like to end up like this. I’m sure you don’t want this option too.
2. Your money is just enough to keep you afloat. This condition will happen if you have a small retirement fund to carry you through retirement years, or will spend retirement through social security benefits. This money will just be enough for every day expenses p – not enough to eat in fine dining restaurants, go on vacation or do the things you were not able to do now. Moreover, your family will send for your funeral when you die.
3. You spend your retirement years comfortably, with little to leave behind at your death. Your retirement plan was good and did not retire early so that you can save more. You can go to a few good destinations to have a vacation, and have the funds to spend on things you really want. You won’t burden your loved ones at your death because you have enough to cover your funeral expenses. If you’re lucky enough, you can have enough to leave as inheritance.
4. You have the luxury to do what you want with plenty to leave behind at your death. This is the greatest retirement dream. Your efforts to prepare for retirement will pay off – social security benefits and great retirement plan that guarantees lifetime income. There is plenty left for funeral expenses and some extra bucks to leave to your surviving loved ones. Maybe, your only problem is how to spend your money.