Do YOU have enough??

I read this ARTICLE a few weeks ago and was not really surprised.  More and more there are reports that Canadians are working into retirement – many because they simply have not saved enough.

Of the 53% mentioned in the article, I’m sure some of them are working because they choose to do so….but how many are working because they HAVE too?

I was lucky to have learned the value of a dollar at a young age and started saving quite early in my life, but many Canadians do not learn any sort of financial literacy until well into their working years and, by then, it may be too late.

There are countless financial calculators out there, but here is just a sample of how just a little money each month can make the difference between working through retirement and retirement bliss:

$300 per month savings + 8% interest + 40 years = $1,007,211

That’s right if you can get an 8% return, putting just $10 per day away starting at age 25 could make you a millionaire by 65. 

Bump that to $500 per month and you can be a millionaire in 34 years!!

I am a realistic person and maybe everyone  cannot save $300 per month….but come on….even at $100 savings per month, you will have $335,000 in 40 years.

There are two keys to this though:

1.       Starting early – This formula doesn’t make much sense if you start at age 40

2.       Keeping on track – You don’t need those new pair of Nike sneakers…put that $100 in savings

This blog post will probably fall on many deaf ears…and I realize that this exact same thing has been preached for years….it’s putting it into practice that is the hardest part.

I think about retiring quite a bit.  However, my version of retirement will involve working because I want to stay active and stay engaged.  I plan to work as long and as hard as I want, but after age 50 my goal is that working will be an OPTION.

Think this will happen for me?  Check my blog in 20 years to find out!