Recently I read an article on msn.com talking about the amount of money retirees have in savings when they die. IT was scary to learn that about 46% of retirees have $10,000 or less in savings! This number does not take int o account possible income from pension programs or social security, simply just the amount in savings. What happens if there is an unexpected expense ans it wipes out half their savings?
When I read articles like this it makes me think of my current situation. Being self employed I do not have a 401K or any type of retirement account. What I do have is investment real estate that I should have paid off by the time I am 55yrs old. If that holds true I should do fairly well in my older days. Investment rental property is a great way to create passive income so that when your in retirement mode and the homes are paid off you can live comfortably with the rental income. I have little faith that social security will be around when I am 65yrs old so I do not rely on the government to take care of me, they cant take care of anyone now let alone 31yrs from now.
Do not become a statistic of the 46%. Stop and look at where you are at right now and start planning for the future. Its never too late to start though it will get harder the older you are as it will require you to put away more later then now.