Save for Retirement

Save for retirement, because it may be coming sooner than you think.

There is no question things are improving. Let's start with the Conference Board's Leading Economic Index. On a trailing six month basis, five out of 10 components are moving in a more positive direction as of the end of June. In April it was only three. In March, two. This recession will end, and maybe soon.

But what about the job market? Have we seen any improvement there? The best I can say about the job market is that some companies I work with have stopped laying people off. Many more have at least slowed the rates at which they are letting people go. Few, if any, are hiring; even to replace employees who leave on their own.

The job market, in my opinion, will be looked upon historically as the single most important factor impeding growth for this year and next. What concerns me most about this is the dampening effect it will have on the above-mentioned recovery. And the longer it takes to recover, the longer it will be until employment begins to rebound.

I fear for those who will be out of work so long their careers will effectively be over. They will be faced with the prospects of either early retirement or embarking on a new career which may not pay as well.

A force reduction in one's standard of living is no easy adjustment. The intelligent investor knows this and is prepared for this sort of possibility by virtue of a well-planned savings and investment strategy. Nobody wants to be forced into retirement (from their first choice of career or any other). It's infinitely better to go out on one's own terms.

The only way to increase the odds of going out on your own terms is to save for retirement now, because it may come sooner than you think.

Source: http://www.myinvestmentblog.com/save-retirement

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