The future is an uncertain place. Sadly, this has never been truer than right now. It is a shame because not so long ago things looked pretty good. In the post war era things went well for the West and everyone seemed to prosper. But the good times enjoyed by the boomers are well and truly over. From this point forward living standards are generally going to be lower and everyone will have to make do with less.
Well, not everyone actually. If you take charge of things now and study how to save money for retirement you will enjoy your later years more than most. But you will have to make some tough decisions and you will have to take some responsibility for yourself.
The biggest problem is that you won’t be able to rely solely on others to manage your affairs. Well, you can if you want to but all that involves fees and management charges and these can add up. You will have to look after a lot of your own money. This means investing at least some of it yourself.
Now before you panic and think investing is way too dangerous or beyond your capabilities think about this. Putting your money in a simple savings account is investing, it is just extremely low risk investing. What you need to do is have a diverse range of investments covering different asset classes that will help you get through the dreaded downturns.
Stocks, bond, cash, property, metals, commodities you need to be aware of all of them. How to save for retirement involves financial education. All you need to do is sweat over the books just a few hours a week and you will have more knowledge than 90% of people. A few hours more and you will have more knowledge than 99%.
Once you have that knowledge you have the power. You have the power to look at different financial products and ask the right questions. You no longer have to sit in front of a salesperson not really understanding what they are going on about and risking your future just because they are trying to hit a target.
In all probability with those few hours of study you will know more than them. Sales is sales remember. A good salesperson can sell cars as well as they can sell financial products. They are not going to tell you anything. They just want a bigger bonus.