top of page
  • brownmoneysolution

There Are No Loans For Retirement

Depending on where you are in life, retirement can seem like a long way off or right around the corner. Based on how well you prepare you could be at ease, worried or scared to death of the thought of retiring.

Life happens, I know. Some of us have gone through traumatic life experiences that may have caused you to dip into our retirement or maybe you thought you did not have the money to spear so you never invested, or maybe you were a stay-at-home parent and your spouse was the one who had the retirement accounts but you have since gotten a divorce. Whatever, the situation maybe it is not too late. As long as you have breath there are options.

Yes, that path may be a bit challenging depending on where you are in life but all Is not lost. So, what can we do? first let’s take control of your finances. Write down your financial goals and keep it in a place so you can be reminded what it is you are working for, Then, get intentional and get on a budget. Knowing your cash inflow and outflow will let you know your starting point. Start putting away money in saving and pay off debt.

You do not want to go into retirement with debt hanging over your head. Remember, you will be on a fixed income so the less demand on your income the better.

Social Security:

It should be said. Social security benefits are not intended to be your only source or retirement income, matter of fact it is written on their website. You will need other savings, investments such as a 401k, Roth IRA etc; so that you can have enough money to be comfortable in retirement and have the lifestyle that you want.

Did you know you need at least 10 years of work (40 credits) to qualify for retirement benefits from social security.

Tip: I would advise everyone to create an account at By doing so you have access to pertinent information that will help in your financial planning. There you will find out if you have earned enough credits to qualify for benefits, your full retirement age base on your date of birth and how much you will earn base on the year you retire and a lot more.

Next, I want you to look at your earning benefits throughout the years and add it all up. For me that number is $1,010,409. Now look at your bank account, can you account for a half of that money what about a third. This was my wake-up call. Seeing how much money has gone through my hands since I began working and I could not account for it gave me pause. At that moment I said to myself I am going to be able to account for the next million that goes through my hands. I will be able to see where it went and I will manage it well.

401K, IRA, Roth IRA etc.

If you are just entering the work force you may have the opportunity to contribute to a retirement plan. Make sure you take advantage of this right away and if your employer matches even better. This was the best decision I made for myself looking back. By starting early, you are setting yourself for success because when it comes to retirement vehicles, time and compound interest is your best friend, so the sooner you start to invest the better.

If you have been working for a while but never contributed. It is time to start as I said it is never too late. You also might want to talk to a financial planner. Another thing that should be considered is working until later in life. As people, we are living longer and I know the thought of working past 65 or 67 might be daunting but consider working until 70. Especially if you have nothing for retirement. Also keep in mind that as people we are living longer so we have to ask ourself will the money we have maintain us until we are in our 80’s or 90’s.

While I am not a financial advisor, as a financial coach along with teaching my clients how to budget, save and pay off debt retirement planning is something I encourage them to think about and start doing. In financial planning it is important than you think both long term and short term to put yourself and your family in the best financial position.

Do you feel secure in your retirement plans? Do you think you will have enough to live life the way you want and what are somethings you wish you had done differently? let me know, leave a comment below.


bottom of page