Small Walls-Envoy Financial - Enough Retirement MoneySmall walls, big problem.

In my last blog I was lamenting the fact that so many people worry about not having “enough” for or in retirement, yet do nothing about it. It appears that there are barriers, walls to problem solution here. Let’s examine some of them. I went looking for some statistics to back up the assertion. In the 2013 study by EBRI entitled Employee Confidence Survey, their analysis shows that only 21% of adults believe that they will be financially secure in retirement. Do the math, that means 79% are not confident about their retirement security. Seems as if everyone in that 79%, either has a problem, or certainly think they do.

Some approach Retirement Savings like the “Frog and the Kettle”

Before we turn to solutions, let’s take a look at some of the real and perceived reasons that there is so little action leading to problem solution. It just occurred to me that this whole problem is a little like the story of the Frog in the Kettle. If you put him in hot water, big shock, and he will jump out. You put him in cold water, and turn the temperature up slowly, he will stay in the kettle until he is boiled.

My grandmother had a saying that also comes to mind, “You can get used to anything but hanging.” A little grizzly coming from a delightful little lady, but maybe that is why I remember it.

So, why are so many people “hanging in there” until they realize that the water is about to boil? One reason may be that they just can’t come to grips with reality. According to that same EBRI survey, unrealistic savings targets get in the way. When anyone thinks that they will have to save 20% to 30%, as many do, of their pay in order to “have enough” they are overwhelmed, know they can’t do it, so don’t even try.

What a shame, as the facts are that every little bit counts, every little bit helps, and that you can’t finish unless you begin. You can’t run a 4-minute mile until you can at least run a mile. You can’t save a lot, if you haven’t saved a little.

Now that I think about it, that advice is even Biblical. Check out Proverbs. Settled in along side unrealistic expectations is the fact that 54% have never even tried to calculate what amount they will need.

As another old saying suggests, without a goal in mind, any solution, or none, will do. If you don’t have any idea where you are going, how do you plan to get there? Sounds silly when you write it down, but it seems to be the fact.

Worry without resolution will make you crazy. There are some more areas to explore here and we will do it next time. In the meantime, weigh in on the subject.

Love to hear your thoughts, stories, and even solution. Are you in the 21% or the 79%, will you have enough retirement money? We need some more Retirement, Future Funded Ministry Champions to encourage us along the way to that fully funded future.

Let me know your thoughts and comments. Our dialogue continues.

Living with Trusted Advice together,

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