Imagine working as long as you possibly can, or until your maximum retirement age, to ensure you have sufficient funds for your Retirement, only to die within two years of retiring
An actuarial study conducted on some of the larger US Pension Funds including Boeing Aerospace, indicates that employees who retired at the age of 65, died within two years of retirement.
Dr Ephrem (Siao Chung) Cheng provided the results from an Actuarial Study on the correlation between Retirement Age and Longevity.
The studies were based on the number of Pension Fund cheques sent to Boeing retirees. The Boeing experience was that employees retiring at age 65 received pension cheques for 18 months, on average, prior to death. A similar experience was discovered at Lockheed Martin, where on average, employees received pension cheques for just 17 months.
Apparently the experiences at Ford Motor Company and Bell Labs were similar to those of Boeing and Lockheed. Statistics at a pre-retirement seminar illustrated that the average age of retirement at most large corporations in the US was 57. So people retiring at age 65 are a minority, but it is still a startling statistic.
Hard work can age you
The thought is that the hard working late retirees (65) are more than likely putting too much stress on their ageing bodies and minds and due to the stress, they develop a variety of health problems. The associated stress induced health problems lead to them dying within two years of retirement.
Another startling statistic from the same Corporations is that those who retire earlier, say age 55, tend to enjoy their retirement on average for more than 25 years.
The chances are that those able to retire earlier have less stress, have planned and managed their lives better with respect to finances, health and career and are able to retire comfortably.
One important observation is that these younger retirees (55) aren’t necessarily idle in retirement, but they are far less stressed than their working counterparts from age 55 to 65. This means they may be busying themselves with part time work, hobbies and things they enjoy doing, so much so that ‘work’ becomes fun and is done at a more leisurely pace.
Plan to retire early
People should plan their careers and their finances, enabling them to retire, or at the very least be financially independent, as early as possible. This will ensure they are able to enjoy a longer, happier and more leisurely retirement to age 80 and beyond.
Don’t switch off and be idle when you retire. You can still do things that are of interest to you, or you can get involved in things that are of value to your community, all at a pace you feel comfortable with.
The flipside of the coin is that you may have to keep on working very hard and under stress, till age 65, before you retire. In that case and if the actuarial studies of some of the world’s largest Corporations hold true, then the chances are that you would probably die within a few years of retirement.
In a nutshell, by putting in 10 more ‘hard’ years, after the age of 55, you could potentially forfeit 20 years of your retirement. Or saying it differently, for every year you work beyond the age of 55, on average one forfeits two years of life span.
[box style=”grey map rounded shadow”]
6 Ways To Develop A Millionaire Mindset
Chasing money has remarkably little to do with getting rich.
If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.
So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.
Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.
4 Ways To Become A Millionaire Even When You Start With Little
It costs nothing to take advantage of the limitless opportunities online.
The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.
1. First focus on learning, not big gain
Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.
They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.
2. You can learn loads about any topic online
I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.
Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.
When you get into the habit of learning regularly you’ll find that you advance much faster.
3. Focus on the niche you love
These days you can learn about anything and target the niche you’re passionate about.
This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.
You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.
4. Prove your expertise by creating free content
Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.
It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.
You can do lots with a little
The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.
Combine everything together and you can accomplish anything.
This article was originally posted here on Entrepreneur.com.
10 Tips To Become A Millionaire This Year
Becoming a millionaire requires changing your mindset and implementing some changes.
Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.
Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.
Snapshots2 weeks ago
27 Of The Richest People In South Africa
Self Development1 week ago
5 Inspiring Quotes From Madiba To Stir You Into Action On Mandela Day
Angel Investors5 days ago
A Comprehensive List Of Angel Investors That Fund South African Start-Ups
Entrepreneur Profiles7 hours ago
Karl Westvig Of Retail Capital Shares His Insights Into A Year-On-Year Double-Digit Growth Business
Ongoing Learning2 days ago
15 Of The Best And Most Unusual Online Courses For Entrepreneurs
Lessons Learnt2 days ago
11 Things Very Successful People Do That 99% Of People Don’t
Small Business6 days ago
Even SMEs Can Use Big Data: Here’s How
Company Posts2 weeks ago
Spoil Yourself And Book Your Stay At Constance Aiyana