Retirement Editor's Welcome: May 16th-23rd, 2012

Future Fix to the Retirement Debacle

By Greg Phillips, Empty Nest & Retirement Editor

Recently our future to be daughter in law, following her career path, landed a state job dispatching for the Alaska State Troopers!  The other night while we were talking with her and our son, the subject of ‘saving’ came up.  Naturally, in typical father form, I voiced the importance to save while they are young, especially having a good income source as she does now.  I brought up the subject of retirement and how the future of such is so uncertain.

Then entered into the conversation that surely by the time they are of retirement age, certainly there will be some kind of system in place that is more of a stable platform.  How could two or more generations be left to flounder with little or no retirement stability without some kind of system being implemented as the result? I guess where that was going was that while retirement as we have known it may be changing before our eyes, some kind of standard will come out of the ashes.

While there is some sense to that theory, it is never too late to be preparing for the future, no matter what we may think or believe the future may hold in store. My hope is that “by then”, answers will have been found and constructive solutions to the issues and problems we are facing now will have been implemented.  This in the wake of where we are standing today, the uncertainty and situations unfolding all around us are to say the least, frightening!  One can’t help but cringe at what our generation will face.

Personal responsibility is a good first step and important to securing the future no matter what generation you’re in.  Many of us have thought out different ways that will help us financially in the coming years and have begun making certain sacrifices that will help to set ourselves up for an easier ride despite the coming wave.  However, we are also the same generation who not long ago it seems were
riding high on the hog!  Hard times have opened the eyes of many and changed the way we treat ourselves to the spoils.

While our daughter in law to be seems to be in a very goal oriented and responsible mode so soon after graduating high school, we feel confident that she will keep her future in perspective.  But the conversation the other night raised some interesting points to consider in regards to our own kids’ future and retirement!

What kind of attitude do your kids have to the future of retirement?  Do you see a sense of urgency and financial responsibility, or, does something like their future seem far from important to them in current stage of life?  We would love to hear your input!

Make sure to check out this month's essay contest.