Those were the words of one Elon Musk. Were they out of context? I hope so.

Should you retire?
The choice to retire is a personal one that depends on several factors, including financial stability, health, interests, and personal preferences. Here are a few significant points that should be considered.

To attain financial stability, one must possess ample savings, investments, or pension income to sufficiently cover one’s living expenses during retirement.

Now here is the rub: I don’t see Gen Z or even the Millennials preparing for retirement. What I see is them living for today and not planning for tomorrow. It’s almost as if they never heard of Dave Ramsey.

The simple fact is that many could not pull together $500 in case of an emergency. It’s true, and the credit card folks love it. If you save money, you know that .50% is about all you can get unless you adopt some high-yield account of 5.5%

Conversely, if you use a credit card, which many Americans do, the interest rate has reached an all-time high of 28.4% APR. We should ask why the current administration is allowing the fat cat bankers to do this, but we can deduce the reasoning.

This administration creates inflation, forces people to use their savings and borrow money, and allows bankers to raise interest rates to encourage predatory lending. I’m sure it’s all on the up and up.

I was curious about what it would cost to borrow $10,000 and repay the loan by making minimum payments. Are you ready for this?
The total cost of borrowing $10,000 at an APR of 28.4% with minimum payments is infinite.

The minimum payment is assumed to be 2% of the outstanding balance each month, a common minimum payment percentage for credit cards. Suppose the minimum payment is less than the interest accrued in a month. In that case, the balance increases, leading to a situation where the balance never decreases, and the total cost of borrowing becomes infinite.

Since they don’t seem to teach introductory economics or critical thinking skills, what are the chances of retirement? Is that why Elon says Retirement is stupid?

Health and wellness: Reflect on your existing state of health and the potential healthcare needs. The presence of a well-developed plan addressing potential health issues can enhance the comfort of one’s retirement. Until you are 65, health insurance is a budget killer. The sad fact is that many companies will not hire older Americans. By older I mean over 50. Yeah, I know the HR bit about not discriminating, but trust me, they do. Getting a job over 50 is doable, but not for the average Joe.

Your track record must be exceptional and free from the embellishments often found in contemporary resumes.

Playing video games is not a career move, nor would it impress a boss who needs someone with critical thinking skills. Unless you are a developer of such games, turn off the game and get your hands dirty.

It’s not enough to have funds or adequate health to retire. What will you do when the day of the week no longer matters?

All too often the day and time of the week only matter to retired folks when a medical appointment is looming. That’s a sad fact, stay healthy.

Consider your interests and hobbies when contemplating how you would prefer to allocate your time during retirement. Certain individuals may enjoy pursuing hobbies, traveling, or engaging in volunteer work, while others may prioritize spending additional time with family or friends.

The ability to lead a satisfying life post-retirement may be contingent upon preserving social connections and actively participating in social activities.

If one derives pleasure and contentment from their occupation, they may pursue part-time employment or a more flexible role. Consulting is a frequent option until the consultee gets what they need from your head and no longer requires your expertise.

The company typically lacks loyalty towards its employees. A paycheck is owed to you for the job or duration of service completed. That sums it up. It can be pretty difficult to accept when you put forth your utmost effort for the company only to have them opt for a more cost-effective alternative. When setting goals, consider yourself and the needs of your family first.

Ultimately, the decision to retire should be based on a thorough evaluation of your financial, health, and personal circumstances. It’s essential to weigh the pros and cons and make a decision that aligns with your goals and priorities.

With inflation, remember that the million you thought you had in the bank now has substantially less purchasing power than what you think you have. If trends continue, you might be in real trouble.

We should discuss the G-word here: Goals. If you have been successful, you are most certainly familiar with goal setting by now.

It would be best if you were goal-setting now, even forty years away from retirement. We do this for several reasons. One of them is setting an example to our progeny. They are watching. They absorb everything you say and do like sponges.

You don’t want to be the grandparent or parent who writes checks to cover your kids’ or grandkids’ bad decisions, sacrificing everything you worked for to bail them out of their bad choices.

I watch them and talk to them, and I must tell you that very few of them have a grasp on reality. It’s almost as if the video games that steal so much of their waking hours are their reality.

If you want to give them a dose of reality, kill the power so that even the smartphones will not work. That topic deserves a book but unless it was in the form of a video game they would most probably never know of its existence.

Your final goal is to run out of money and life simultaneously. When you slide into the home plate (the grave), have it paid for in advance. Whatever your residual is, is what it is. If you teach your children right, they won’t be counting on your investments for their retirement.

Should you retire?
Stress comes out of your hide. Those gray hairs and wrinkles are badges of honor and a price paid for being the best you could be.

In a future blog, I want to explore the subject of jobs. What should you or your child focus on for a career choice? Is college the only way to go?

Stay tuned, follow and comment.

In case you’re new to this blog…I am a writer.
With several works in process.

My books are here, and your support is always appreciated.

-Best

• opinion
• writers
• writing