If you are getting ready for retirement in 5 years (or less), this video is for you. This video focuses on where you are now in the pre retirement lifecycle, and how to get to where you need to be, in order to be "retirement ready" in less than 5 years. In "How to Be Ready for Retirement in 5-YEARS (or Less!)" I cover how to increase your post retirement income, how to identify your post retirement expenses today - and how to get many of those expenses off of your "personal ledger" forever by the time you retire.

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Transcript:
In 1965, American psychologist, J.C.R. Licklider said, "people tend to overestimate what they can do in one year and underestimate what they can do in five or 10." No truer words were ever spoken than this statement, applying it to personal finance. With a piece of paper and simple fifth-grade math, you can dramatically change your direction if you focus on what to do and what not to do over the next five years; and most importantly, acting on that information. In this video, I'm going to show you the biggies and where to focus your effort so that you can be retirement ready in five years or less.

All right, let's get into it. But before we do, please make sure you click Subscribe to Notifications so that you get alerted the next time I post a video. I post about twice a week. Also, at the end, I'm going to show you how to download my free Retirement Ready Checklist. I'll give you the exact details on how to do this. It's free. It's my gift to you. So make sure you stick around to the end so that you have that information at your fingertips.

All right, let's get into it. Let's talk about the way the world looked when you entered the workforce and the way that it looks today. If you're watching this video and you were about five years out, chances are good that you were born around 1960, plus or minus a few years. In 1960, you probably came from a home with one breadwinner, probably your father. Remember this was 1960 and three out of four workers in 1960 were male. And if he worked for the same company most of his life, he knew exactly what his retirement pension plan looked like and exactly when he was going to retire. The type of pension plan that your father had was more than likely what is called a defined benefit plan because the payments are defined, they're specific. They're guaranteed to the recipient by the company.

Unfortunately for him, the average life expectancy of a 65-year-old born in 1940, which would be about his age if you were born in 1960, was age 70. So your father got to enjoy retirement for approximately five years before his time expired if he made it to age 65 at all. The good news, though, is that if you were born in 1960 instead of 1940, at age 65 in 1960, your average life expectancy was age 77. So you were seven years longer in retirement than your father. Today, by the way, at age 65, the average life expectancy of a male is age 82. So they got it wrong even back then. But I digress.

So at the time you were born, you were going to cost the company twice as much, almost three times as much, as your father was going to cost the company in retirement. At the time, the math was not widely known on the extent of the liability on this. And so company personnel and actuaries made some pretty wild assumptions in order to ensure that the defined benefit plan carried the employee to age 77. In the end, the math didn't work and the defined benefit plan took many a company into bankruptcy. Then...


Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

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