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Three reasons why save for retirement

Starmix

Starmix

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There are 3 reasons why need to save for retirement now. The first reason is 1. You shouldn't rely on social security. In my country if the employee retires he or she usually gets only a very small retirement unlike if it is from the government. Our SSS in PH collects only minimal monthly premiums causing the retirement benefit to be very small which is why necessary to save for retirement at an early age. The next reason is 2. You may not want to burden your dependents. It's the real picture once retire and have no savings, the children will carry the burden of their parents' needs but what if the children have no work, it is indeed a big problem for the family. The children if married already, may also feel the burden because they also have a family of their own. The tried reason is 3. You may miss out on the effects of the compounding interest. The money you save earns interest and if you are wise, you may save it to a bank that offers a compounding interest to your savings.
 
I completely agree. It is not advisable to strain your family, especially if you are sick. What if the children are unemployed because they are incompetent or disabled? So, as soon as you start working, you should start saving for retirement. Furthermore, it will allow you to enjoy your life, pay for medical expenses, and attain peace of mind.
 
People who are young never care about retirement, what's on their mind is enjoy now and never mind next. When the time comes they're in their 40s, they realized they're wasting their youths. It's because life begins at 40 when sicknesses are felt and savings zero.
 
Starmix said:
There is a need to save for retirement because when we are old we no longer have chances to save. we no longer have a good job and some young people can outsmart the oldies in business.
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That's right there's time for everything. We just need to save now to enjoy at retirement
 
Augusta said:
That's right there's time for everything. We just need to save now to enjoy at retirement
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We always see in our community old people pitiful and helpless. Some of them rely from Social Services and others from their children who may feel bored and tired serving their helpless parents. 😪
 
Starmix said:
People who are young never care about retirement, what's on their mind is enjoy now and never mind next. When the time comes they're in their 40s, they realized they're wasting their youths. It's because life begins at 40 when sicknesses are felt and savings zero.
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This is just the sad truth. Majority of the young people we have today, only think about the prevent, hence they make so many rough and wrong decisions.
 
eLdavis said:
This is just the sad truth. Majority of the young people we have today, only think about the prevent, hence they make so many rough and wrong decisions.
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We cannot also blame them . What if they are the breadwinners in their families, the parents must help their kids find their right direction that is to find a better job,save, and invest for their retirement.
 
Starmix said:
It's the real picture once retire and have no savings, the children will carry the burden of their parents' needs but what if the children have no work, it is indeed a big problem for the family. The children if married already, may also feel the burden because they also have a family of their own.
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Such a scenario was ordinary in south Europe during my great grandparents' times, when Social Security still didn't exist. Many children lived a miserable life (no money to pay for education, as in southern Europe it always has been shamefully expensive) because their parents needed to sustain third aged grandparents and also their childless uncles and aunts, not any more able to work.
 
pousinha said:
Such a scenario was ordinary in south Europe during my great grandparents' times, when Social Security still didn't exist. Many children lived a miserable life (no money to pay for education, as in southern Europe it always has been shamefully expensive) because their parents needed to sustain third aged grandparents and also their childless uncles and aunts, not any more able to work.
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That was a crucial life. I don't like that kind of life but we can't avoid it like what had happened to those people you mentioned.
 
Starmix said:
I don't like that kind of life but we can't avoid it like what had happened to those people you mentioned.
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Nor I do, but in such cases there aren't many choices. They couldn't help but support their third aged beloved ones, as a public Social Security didn't exist. It's to add during that age, people married in their teens and gave birth to many children, so families stayed poorer.
 
pousinha said:
Nor I do, but in such cases there aren't many choices. They couldn't help but support their third aged beloved ones, as a public Social Security didn't exist. It's to add during that age, people married in their teens and gave birth to many children, so families stayed poorer.
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That is the possibility if marry young, they will create a baby factory, lol and there was perhaps no family planning only family planting the same way here in my country in the past.
 
There is one very good reason: because old people want to live comfortably in my country, pensions are enough to survive, and they are struggling because back in the day nobody saved money, but now we can do that, and that is a good thing, but I just wish that the situation would be better where I live. The reason they are so low is because my country is old, which means that there are not new borns, which makes us people who have jobs pay bills for that. I remember when I read that one person would need to pay for one senior or something in between.
 
pousinha said:
There was zero family planning. Moreover, the couples were encouraged to bear baby factories and one of the reasons was to bear children for Motherland.
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It's not easy to think a couple having 10 kids, 12 kids or 15 kids. They're having family planting lol. How are they feed? Gosh pitiful little kids always hungry of nice food and toys.
 
Nice food and toys? During my grandparents' days, nice food and toys were a pipe dream for a lot of children. They didn't own toys, but they had 7, 11, 17 siblings. A friend of my mother-in-law has 23 children:eek:. In any way, she lived in the Brazil of the ancient days and not in southern Europe. She was a farmer, so not any trouble to feed all them.
 
pousinha said:
Nice food and toys? During my grandparents' days, nice food and toys were a pipe dream for a lot of children. They didn't own toys, but they had 7, 11, 17 siblings. A friend of my mother-in-law has 23 children:eek:. In any way, she lived in the Brazil of the ancient days and not in southern Europe. She was a farmer, so not any trouble to feed all them.
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Oh, that was awesome, hoping the government had financially supported those families wth many children. It is not their fault. They never had given free family planning contraceptives or pills. In my country, they are free from the government agency.
 
In Brazil, the government helps, even the financial help is not enough and it became compulsory to rely on black economy. In the Italy of my grandparents' days, people starved. They couldn't count on any government help, but on the personal charity of their neighbors.
 
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