My personal plan for insuring my old age is multi pronged.
First, I have secured property that is likely to increase in value. This has been a challenge, but finally it is coming to fruition . I feel property is the best investment that can be made because it is a non reproduceable commodity. Said another way, " they ain't making no more land".
This insures that it will increase in value over time. Also, when you own your own property it is possible to eliminate housing expenses which are a major concern in old age. Especially in cultures that do not look at thier elderly as a priceless resource. In such societies elderly often have to fend for themselves. So to me, this is the most important.
Secondly it is important to have a residual income of some sort. This can be a 401k, or a pension, or at the very least social security that can provide basic needs. Granted, in the US, SSI will not cover basic expenses, but it can be more than adequate for expats living overseas.
Lastly, it should be considered to have a hobby or sideline that can provide some minimal income also. This has two purposes, to give additional income but also to provide activities and purpose in old age. This is what keeps us young and should not be overlooked.
If the answer to this question was the acquisition of material gains and wealth, perhaps almost everyone would be more serious with being very wealthy. But having wealth and being all alone is really really boring!
And if the answer had been making and growing babies, everyone would be serious with getting married. But, children will leave one day to have their own lives. Even though they may come sometimes to visit.
Maybe the answer in reality is each and every tangible things accomplished prior to old age itself. These are the things that will not make old age a regret.
Making good friends, raising awesome kids, gathering and acquiring some material things and wealth and assets, with utmost sincerity in all, might be the solution to relishing, and having a splendid old age,
My personal plan for insuring my old age is multi pronged.
First, I have secured property that is likely to increase in value. This has been a challenge, but finally it is coming to fruition . I feel property is the best investment that can be made because it is a non reproduceable commodity. Said another way, " they ain't making no more land".
This insures that it will increase in value over time. Also, when you own your own property it is possible to eliminate housing expenses which are a major concern in old age. Especially in cultures that do not look at thier elderly as a priceless resource. In such societies elderly often have to fend for themselves. So to me, this is the most important.
Secondly it is important to have a residual income of some sort. This can be a 401k, or a pension, or at the very least social security that can provide basic needs. Granted, in the US, SSI will not cover basic expenses, but it can be more than adequate for expats living overseas.
Lastly, it should be considered to have a hobby or sideline that can provide some minimal income also. This has two purposes, to give additional income but also to provide activities and purpose in old age. This is what keeps us young and should not be overlooked.
Ah! Old age.
If the answer to this question was the acquisition of material gains and wealth, perhaps almost everyone would be more serious with being very wealthy. But having wealth and being all alone is really really boring!
And if the answer had been making and growing babies, everyone would be serious with getting married. But, children will leave one day to have their own lives. Even though they may come sometimes to visit.
Maybe the answer in reality is each and every tangible things accomplished prior to old age itself. These are the things that will not make old age a regret.
Making good friends, raising awesome kids, gathering and acquiring some material things and wealth and assets, with utmost sincerity in all, might be the solution to relishing, and having a splendid old age,
if it ever comes!