The ultra-high standards of living that people achieve today using credit cards and other types of credit are based on the assumption that they have an unlimited future during which they’ll tighten their belts and pay all the borrowed money back. If you live that way (and almost everyone in the U.S. has at one time or another), you have to realize you can’t continue to do so in retirement unless you become rich, and that’s unlikely.
Since you can’t retire on credit, for most retirees, especially early retirees, the secret to a successful retirement isn’t huge personal savings, but a less expensive, simpler lifestyle. Americans are a clever and resourceful people, and many have put these traits to good use in developing exciting low-cost retirement lifestyles. The key is to figure out a way to make your retirement lifestyle fit your income. Perhaps you’ll work part-time, downsize, or join the voluntary-simplicity movement. Maybe you’ll live full-time in an RV or shed most of your worldly possessions and spend your days traveling the world without a home base. The bottom line is that you’ll have to design a lifestyle that you find interesting and that’s within your means. You’ll probably worry about money from time to time, but not as much as you might think. The adage that money doesn’t buy happiness is often true. Read more about low cost retirement in today's El Paso Times http://www.elpasotimes.com/business/ci_10160237
Jonathan Edelfelt
Author Of Who Said You Need Millions? Retirement Strategies for the Rest of Us
www.WhoSaidYouNeedMillions.com
Jonathan Edelfelt
of TX
@
Aug 11, 2008 17:45:43 PM
Jonathan Edelfelt of TX @ Aug 11, 2008 17:45:43 PM
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