I want to start of by saying that you should never compare yourself to others. This is a trigger for many and its often felt in your daily life. Whether you were competing or comparing yourself in school and now you are doing it in your workplace.
Talking about your finances is taboo. Ironically, talking about your significant other that you just can’t stand sometimes is not. I often pass by these articles (like the one below) about net worth or finances and I myself am intrigued. The important takeaway on these is that it is a guideline. Reading this may make you feel emotional in ways you never though you could be (depressed or just irate that you found yourself where you never though you’d be), but honestly it’s still a good read and information that can help you in the future.
Recognizing that you need help is the hardest thing to do. Self-awareness is something that many people seek and the hardest part is to realize how good you are at being self-aware. This is for all facets of your life, but that includes your finances. If you have taken a hard look and realized that based on retirement calculators or just general in your gut, you are no where close to retiring, you have to ask yourself why is that? Are you carrying debt? Paying on it? Could this payments go towards saving for retirement?
Bankruptcy isn’t for everything, but debt can’t be the reason why you can’t retire or at least start saving for retirement. I encourage everyone to open an IRA and if you’ve opened an IRA, you can put in a maximum of $500 monthly or $6,000 yearly. This also gives you a slight tax break as the government encourages you to save for your retirement.
Maxing out your 401K and relying on your pension and social security isn’t going to be enough. You want to live a good life when you step back from the workplace or at least be prepared for it if you happen to retire earlier than you expect. Your 401K, pension, social security can pay for your day to day, but what about those larger expenses. Saving now really helps alleviate the potential strain you may have in the future, since you won’t really know what it looks like until you’re there. Even if things go well, you can treat yourself along the way. Life shouldn’t be about regrets and most people I talk to often regret saving for their retirement sooner. Don’t be that person, or at least consult with an attorney like myself just to make sure you’re on the right track for your own piece of mind.