"Whether retirement is a long way off for you, or it’s right around the corner, you must start saving for it now. However, saving for retirement isn’t what it used to be with the increase in cost of living and the instability of social security. You have to invest for your retirement, as opposed to saving for it."
Many “moons ago”, people tended to work for the same company all of their working life, beginning in their late teens or twenties and continuing until retirement. These companies regularly gave pensions to their retired workers. In the 1980’s, the epidemic of “Corporate Raiders” began. Pension funds were considered “fair game”, and the nest eggs of countless hard working people suddenly vanished.
The result of this is that today, people aren’t as secure in their company retirement plans anymore. If you choose not to invest in your company’s retirement plan, you do have other options. You can invest in stocks, bonds, mutual funds, certificates of deposit, and money market accounts. You do not have to state to anybody that the returns on these investments are to be used for retirement. You can also open an Individual Retirement Account (IRA) or a 401K. If you are self-employed, open up a Keogh or a SEP (Simplified Employee Pension) Plan. Whatever you do, don’t count on Social Security – take steps now to secure your future retirement.
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