When I entered the work force just a “few” years ago, 55 was a reasonable target for retirement. They lied!
What can we do to change and/or improve our targets?
In the post war (Second World War) era, jobs were plentiful. Employers paid good wages, provided pension and health benefits and understood the value of people.
Then the 80’s happened. People became a number and satisfying shareholders became the goal. People were laid off to make the numbers and companies replaced permanent full time positions with part time and contract employees to meet their corporate targets.
We no longer have employment or financial stability.
First, they attacked so called “surplus” funds. Government allowed businesses to remove funds expecting that if values in the pension plan dropped, they would top them up again. The problem is many companies went bankrupt leaving the plan short.
Now the government is looking at making us work longer and add more money ourselves from wages that are often much less than we made 20 years ago.
Either income or time targets need to be adjusted unless we can find other sources of finances to invest to improve the odds of making “Freedom 55”.
Permanent full time employment is no longer a realistic target. There is no longer any loyalty to employees. We’re a number on the balance sheet and considered a liability rather than an asset.
In order to limit their risk, they hire on contract or use part time. This limits pension and benefit liabilities and makes it easier to adjust workforce numbers on the fly rather than solving operations and increasing business. Until the company is gone.
No, I’m not kidding.
These days, your financial targets are under constant attack. Your income is only as secure as your last contract and in many cases, people are working two or three jobs to cover costs. That means no guarantee of hours and as a result, income.
Pension plans are like most registered retirement plans and subject to market fluctuations. Many who planned to retire in the last few years had to adjust their target date because as much as 30-40 percent of their pension funds disappeared almost over night.
Financial stability is something that most of us can only dream about.
We need to take control and empower ourselves to take advantage of this new reality. In order to achieve better financial and retirement targets, we need to think outside the box and look for new opportunities to grow and create our own business and investment opportunities. We can accept a JOB (Just About Broke) or stretch and reach for better targets.
Next time friends or family ask you to consider an opportunity, at least hear them out. They want you to reach new heights along side them.
Taking a chance on a business opportunity is like when you tried a new sport, you didn’t really know if you would like it until you tried it. You may even have tried new sports until you found that one you bad a passion for.
Stretch and set new targets. You might just surprise yourself!
Make it a great day,
What are you thankful for today?