As I write this, I’m looking out the window watching it snow heavily. A major winter storm is affecting southern Minnesota. The weather forecasters have us pegged for somewhere between 8 and 12 inches of snow by tomorrow afternoon, with strong winds resulting in near blizzard conditions.
This winter storm has been in the forecast for the last week, and people went into complete panic mode to prepare. The grocery stores have been packed with people purchasing enough food to be trapped inside their homes for a month. Shovels, ice melt products, snow blowers and outdoor clothing have been flying off the shelves as people prepare to need to be outside clearing sidewalks and driveways. On Saturday, there was some talk that an initial coating of rain and ice could cause power lines to break resulting in loss of electricity, people couldn’t find enough flashlights, batteries and candles.
Shopping at any retail outlet that carries products that would be used to help people get through a major winter storm has been a madhouse for an entire week. All of time, energy and money for a winter storm that will impact the area for maybe 24 hours.
Yet, how much thought do people put towards their preparation for the financial changes that will take place when we get old and retire?
There are those reading this article that will see the above sentence and chuckle to themselves because they know they’re well on their way to being financially ready for nearly anything their golden years could throw at them. These are the same people who have their snow blower gassed up and pointed towards the garage door ready for action. These same people know that a pending winter storm may require an extra gallon of milk or an additional loaf of bread to complement what they already have in the cupboards. The weather can do what it wants, they’ll be fine.
Then there’s those that have ignored the warnings. We all know that as we get older our finances will change significantly, but many are ignoring the forecast.
We know that our bodies will break down more frequently and creative ways. We need to have a plan to pay for increased medical costs. How many people are not contributing to a Health Savings Account (HSA) or have medical costs built into their retirement contribution calculations?
Many look forward to retirement, and know that once the work force is exited, investments in retirement accounts and savings will have to be used to live on. How many people haven’t thought about where they’ll live, what kind of activities they’d like to do, or what their budget will be like in any way once they decide to retire?
The problem is that many people do not see retirement as imminent, even though each day we wake up we are one day closer. Just as even though it’s December, many people do not prepare for a winter storm until they see the weather man on the television in front of them telling them a weather event is on it’s way.
Make no mistake, retirement is coming even if there’s nobody on the news telling you as much every evening.
The question is, are you preparing now, or will you hit the panic button later?
Isn’t this always the case with storms? You think people would learn from past storms. All about learn from mistakes/failures and correcting it for the future.
Not only do some people always seem to be ill prepared for anything, but when they do prepare (for storms), they OVER prepare. Being ready for anything is a key to being successful – it’s not a matter of “if”, it’s a matter of “when!”
Excellent article, as always, Travis. I love the thought of our bodies breaking down in “creative ways”! So true!
Around here, (Indiana), they call it a “French Toast Run” – milk, bread, eggs. I would stock up on Diet Coke and chocolate, myself…
Saving for retirement is difficult for young people. They see so many things they want and think they need. A bigger house, a fancy car. Retirement is 100 years away. There’s plenty of time, until there’s not.
Exactly, and time seems to speed up as it goes along – I’m definitely feeling that right now. LOL.
There’s something about Minnesotans, I believe , that we absolutely love the idea of the panic that comes with a forecasted snowstorm! Not sure what it is, but we all totally freak out when the prospect appears. How much snow did you guys end up getting? We got maybe 3 inches at the most, which was nice since they were forecasting 4-8.
We got about 7 inches, Laurie…which was kind of a let down since some models were forecasting 12-18!