Don’t Work Your Golden Years Away
I don’t eat at fast-food chains very often, but I have noticed a change in who’s working the cash registers and flipping burgers.
More and more senior citizens are working at fast-food chains.
In fact, restaurants are even recruiting at senior centers and churches and placing help-wanted ads on the AARP website!
As a person nearing retirement age myself it sounds like my worst nightmare. But I suspect this will be a growing trend.
The St. Louis Federal Reserve expects 10,000 people to hit age 65 every day for the next two decades.
The problem is those soon-to-be retirees have saved very little for their golden years.
According to a 2019 study by Northwestern Mutual, 22% of Americans have less than $5,000 saved for retirement.
More staggering, 17% of people aged 55–73 have less than $5,000 saved as well.
Between low savings and the measly $1,470 from your average Social Security check it isn’t a surprise that 43% of retirees struggle to make ends meet.
Seventy-Five and Still Working…
Something has to give, and for a growing number of American seniors, the answer is work…
And I’m not talking about working at your old, high-paying job, either, but in a new industry. Very likely the fast-food industry. Or as a Walmart greeter.
And the biggest driver of this potential nightmare is your inadequate nest egg.
Twice as many senior citizens are working today than in 2000. The U.S. Bureau of Labor Statistics expects the number of working Americans aged 65–74 years old to increase by 4.5%, and the 75-plus workers will grow by 6.4% this year.
Look, there is nothing wrong with an honest day’s work, regardless of the job. But do you really want to work until you drop dead?
You need to save more and make those savings work hard for you if you want to live a carefree, independent retirement.
My 4 Best Retirement Tips
The blueprint is pretty simple:
- Max out your contributions to your 401(k).
- Reduce your debt — especially credit card and auto — as aggressively as possible.
- Live below your means.
I know, I know… That’s easier said than done.
Which is why the fourth tip is one everyone should pursue:
4. Making the savings you do have work for you.
The best way to do this is with high-paying dividend stocks.
Historically, dividend-paying stocks not only beat the S&P 500 over the long term but also are proven to hold their value well during bear markets.
And of course there are those quarterly dividend payments… which is like free money you can take to the bank four times a year.
More profits + less risk is a recipe for retirement success.
Here’s to growing your wealth,
Chief Income Expert, Mike Burnick’s Wealth Watch