The saying goes “Youth is wasted on the young”. But I think “Retirement is wasted on the old” rings true as well.
We have this whole retirement thing backwards. Why do we work while we are young and retire when we are old? It would make more sense to me if we were able to enjoy life when we young, vibrant and full of life. Instead, in today’s society, we retire when we are past our prime. The average age of retirement in the U.S. is 63. So unless you are in great shape and have avoided any major health issues how much can you really enjoy retirement?
So, how do we fix this problem in America? We do a big switch-a-rooney! After completing college, we give the youth their retirement. You get 5 years to travel the world, skydive, party, sit on a beach or whatever you want to do. You think money might be an issue? That’s where the government comes in. You know that social security money we are suppose to get someday. You get it now. During your 5 year retirement period you get $1200 a month to live on (the average Social Security benefit now is around $1,180.80 per month). This is tax free and all your health insurance is covered. Need supplemental income, no problem. There is no penalty for this. Work part-time as a bartender or waitress a couple days a week to save up for an awesome trip.
Once your 5 years of retirement utopia is over, than it’s back to reality. You must join the workforce and work until you can retire on your own merit (without help from the government) or you work until you die. Sound good or not so much? Would you rather enjoy some freedom and fun while you are young or soak up the sun and fun as a 63 year old?
In your perfect world which option would you choose? Retire after college or retire late in life?