You are so ready to retire… but there is some pretty serious self-talk that is going on convincing yourself you can hang in there for another five years… because you feel you have to.
Why is that?
I pulled a bunch of my RRSP statements right back to the early 2000s for this post. If I look at the numbers, I show steady growth all the way through to 2007. Then in 2008 – in just one year – I lost a full 25% off the value of my retirement savings plans. The next few years are not pretty and then, if I compare the numbers from January 2011 to December 2012, they are virtually the same.
Crap.
Now I’ll admit, while I was taking care of my mother, and picking up casual work here and there as her dementia allowed, I was not contributing to my RRSPs. But I think, by definition, my investments should still increase in value over the course of 24 months.
My money would have been safer sewn into a mattress!!
If your retirement savings have suffered a similar story, you are really struggling to see a way to retire happily, or even comfortably.
It was just so damn frustrating. I had been responsible; I was paying in to my RRSPs at a time when, as a single parent, times were tough. My investment choices were not risky and had been chosen in consultation with a professional.
To add insult to injury, in early 2012, the Canadian government changed the rules around our Canada Pension Plan and our Old Age Security. Our money! and they are telling us how and when we can access it. Sounds a bit like a hostage-taking to me. And the hostage is MY money.
This brings to me to my reason for developing an on-line business. My business is controlled by me. My income reflects the amount of work I put in. If I continue to make the choices I am making – to reinvest in my business – it will not be much longer until I can kiss my b.o.s.s. good bye! When that happens, Look Out!! I will have full-time hours to work at something I love, for myself, and continue to develop the friendship and supports that have been such a positive part of my on-line adventure.
This is what I wish for you.
This is what I will support you to do.
There is only one thing for you to do. It’s a simple thing. With no obligation or cost.
Click HERE and tell me your story.
I’m listening.
So amazing to see all of the statistics laid out! I used to feel embarrassed that I didn’t finish college. But now that I have my business, I am actually glad. Not saying people shouldn’t go to college- to each his own! 😉 But I am excited to teach my own children about becoming an entrepreneur!
and that is the difference between your generation and mine, Erin. We were still teaching our children to get an education and then a good job. The entrepreneurial mindset is the only one for success in the future! but make sure you are planning your retirement income now, too!