I count myself as a fellow phoenix for good reasons. I have been a single mother with no visible means of support who relied on credit cards for necessities as well as emergencies. I’ve done very little conscious retirement planning. I have used some of my meager retirement savings to dig myself out of a hole – more than once. I have a small retirement savings that will not get me to my life expectancy of age 91. I have no pension. And I have filed bankruptcy. I too am climbing out of the ashes of financial ruin. I’ve been telling people I’ll have to work until I’m 85 before I can retire.
So finally, I went to aarp.org/retirement to use their retirement calculator. You tell it how old you are, how much retirement savings you have now, how much you are saving per month, what kind of lifestyle you intend to live in the future (current lifestyle, scaled back or more elaborate), your anticipated retirement income (Social Security and pensions) it tells you how long you have to keep working. I was thrilled to learn that I can retire at 75 rather than 85. And if I save more and/or scale back my life style (not likely) I can retire even sooner.
I heard somewhere that we teach what we most need to learn. So I am applying years of study as a consumer bankruptcy lawyer and my personal experience to this project, Being the Phoenix™. I’m sharing with you,reader, the lessons I need to learn. Go to aarp.org/retirement and find out whether your current mode of savings and earnings is going to get you where you want to go when you want to get there. And then join us here to find out what you can do to accelerate your learning curve and fly higher sooner!
Rise, fellow phoenixes, Rise!