96% of employed people will not be able to retire at age 65.
The first time I read this statistic, I was a little surprised. The more I thought about it, the less surprised I became.
First, read the quote one more time. “96% of employed people” won’t be able to retire at age 65. Employed being the key word here. This makes me wonder what the statistics show for people who are owners of businesses. One would think owners of businesses would have a much higher percentage of “retired” by age 65. I still think there is a fundamental shift in mindset needed. The goal should be to have financial independence, not retirement.
Second, I believe 4% of people retire by age 65 due to financial independence not being mainstream. Yet. More people need to be taught the math behind financial independence from a young age. I wish I knew what I know now when I was 21 years old, or even 16. I would more than likely have a property in Buffalo, NY, a property in Fayetteville, AR and Bethlehem, PA.
Finally, most individual don’t have specific goals with timelines. Ask yourself, do you have a clear goal with a timeline? If you don’t, then you are wishing and setting yourself up for failure. Specific goals with timelines allow you to work backwards. You have to know the end goal to understand what actions you need to take today, tomorrow, next week to hit the target.
- The earlier you educate yourself on Financial Independence the better!
- Set specific goals that have both numbers and target dates