I am reading Bo Sanchez' book 8 secrets of the truly rich. And I'm learning a lot!
Hubs and I have already agreed that we don't want to be a burden to anybody when we grow old so as early as now we are already saving for our retirement. But through this book I have learned that the amount we have agreed upon is too little. We need to increase our retirement fund! Bo's recommendation is 20% of the salary should directly go to the retirement fund. Can we do this? We still have to discuss this, most probably when hubs goes home. But right now, I am sticking to the amount we've agreed upon.
Did you know that among all the senior citizens and retirees only 2% is able to look after themselves without asking support from loved ones? Yup! A measly 2%! Imagine that! 98% are dependent upon others for the food they eat, the medicines they drink, etc... What if there is no one to take care of you? Or what if your loved ones have no means to support you? What will happen? I guess, that's why there are so many elderly out on the streets still working even if they have passed their prime already. I always feel sorry for the lola (grandma) I see on the road selling newspapers. Or the lolo (grandpa) calling out to passengers to ride the jeep. They are weak and frail but they continue working. Why? Because they did not prepare for their retirement.
That's why while we are still able to work and earn hubs and I are saving for our retirement already.