When you stop working

A number of years ago, someone gave the following statistics from the federal government. Although the statistic ear a few years old, I do not think the ratios or the dollar amounts have changed much.

Using the benchmark of age 65 as when most people plan on retiring or existing, the question is, how much income do you want when your working days are over? The government tracked d people from age 20 to 6 and found that by the age of 65 forever 100 people.

36 were dead. 54 were living on government or family support. 5 were still working because they had to. 4 were well off. 1 was wealthy.

These statistics appear to verify statement that most people seem to have a plan on working hard all their lives and retiring poor. Either they planned on retiring poor or they did not pay attention to their financial plan or their exit strategy.

Looking at these statistics, the question is. When you are age 56 which group do you want or plan to be in when you exit? Poor although highly educated and hardworking, continually went back to institutions of higher learning for more education and yet still would up in the group that was the bottom of the heap at the end of this life. Rich on the other hand, would up far, far off the chart in the rich category. Although both men more or less started with nothing, they each had a different plan to have exit strategy. One planned on retiring poor and the other panned on retiring rich. Although both men kept working after age 65, the difference was that one had to keep working and the other worked because he enjoyed working.