These are scary statistics, but these studies convey an important truth about retirement planning you can’t assume everything will go right. Here’s how to put that knowledge to work, don’t delay saving for retirement. The more money you have piled up by your 50s, the better you’ll be able to survive whatever surprises life throws your way. People, who put off retirement to save for other goals, or simply spend more, are missing out on critical time that can help them growth their wealth. But they’re also leaving themselves vulnerable to the setbacks described above that could prevent them from accumulating needed wealth. Take advantage of any workplace retirement plans or, if you don’t have access to any, start setting aside money on your own. Get covered Health and disability insurance can help insulate you from the financial fallout of illness or accident that they may come on the future. If you can’t get this coverage through an employer, consider buying individual policies. If you find yourself without health insurance, read “A survival guide for the uninsured” for tips on how to protect your well being. Continuously update your job skills and contacts. Keep yourself marketable by taking on new responsibilities or learning new skills through courses or seminars. Network to improve your contacts at other companies.
Mind your health. We can’t make ourselves immune from disease, but we can better our odds for a long, healthy life by eating right, exercising, getting regular checkups and finding appropriate ways to deal with stress. Early detection is the next best thing to prevention, so schedule important health screens like mammograms, colonoscopies, Electrocardiograms EKGs and exercise stress tests. Mind your marriage. Easier said than done, but if an investment in counseling or a couples retreat can stave off a costly breakup, then make it.
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