Best Posts in Thread: No Spouse, No Kids, No Caregiver: How to Prepare to Age Alone

This topic really scares me because I really don't know what the future holds for when I reach my golden years. I hope that I have obtained enough wealth to live comfortable and be in my right mind to take care of myself.

I think marriage would be nice but if it never happens I wont complain about it. I've made the conscious decision to never have kids.

I just want to travel, be healthy/fit, make lots of money and create great experiences.

As I start hitting 30, I have become really anxious about being behind where I should be in life compared to my peers; not being strategic enough in my moves; that life is not happening the way I wanted it to and feel like I'm running out of time.

 

@mojoreece

@Sean P speaks volumes of wisdom, all great points, and you can't emphasize enough to younger people the time value of money and forcing yourself to put in to a 401k if your employer offers it. Keep in mind that politicians, all parties, are kicking the Social Security can down the road (and off the cliff); it's headed for near insolvency. Like lottery tickets, you shouldn't expect SS to be the anchor of your retirement funding/planning. With Baby Boomers and older Gen-Xers entering retirement in large numbers, America is going to have an entitlements problem (too many SS drawing people, not enough younger taxpayers to feed the system). You NEED to start saving now. The good thing about money time-value is that at your age, you can afford to put in way less now and still finish well by the time you DO hit 65.

Start educating yourself on personal finance. Most Americans, including many so-called advanced degree folk, know zilch about it. The information is everywhere if you avail yourself. Just make sure you get real info, not garbage that sounds good but is actually loony (like Suze Ornan, Boyce Watkins, Dave Ramsey or that "Rich Dad Poor Dad" idiot). These people make money off of other people's' lack of knowledge/willpower but don't give advice that real investment professionals would follow. I always recommended the WSJ paperbacks as a good place to jump in (pick them up at the library instead of buying and save a few bucks)
The Wall Street Journal. Complete Personal Finance Guidebook (The Wall Street Journal Guidebooks): Jeff D. Opdyke: 9780307336002: Amazon.com: Books

The Wall Street Journal Guide to Understanding Money and Investing: Kenneth M. Morris, Virginia B. Morris: 9780684869025: Amazon.com: Books

If you really want to go deep, move on to a Series 7 study guide. This is what people who want to be stock brokers have to take (I sat for the classes but didn't get the license). Even though it's written for potential broker-dealers, reading a Series 7 book will give you a deeper understanding of stocks,bonds, securities, commodities, derivatives, and etc.

https://www.amazon.com/gp/aw/d/1119...mmies+2017&dpPl=1&dpID=511nQ7g2r9L&ref=plSrch

I'll just finish to say don't EMOTIONALLY overthink getting older and it helps not to buy into standard "gay culture" about age. The big gay center in my neck of the woods has gone out of the way to ensure senior initiatives are part of the conversation, especially housing (there's a brand new condo/apartment complex for senior LGBT that's gone up here). By the time most of the CA members (most on the board are 20s/30s) get to retirement age, I expect a variety of housing/care options will be available, including developments catering to senior LGBT.

 

Dude…. You have plenty of time to catch up. We are not all given the same opportunities to advance early in life nor as we make our way as adults. If you missed those early opportunities or certain options present themselves now that weren’t available before, make your move. No matter what, you will be better prepared for the future.

Our consumer driven society tends to distort the concept of age. Yet, 30 years old is very early in a career/job that is likely to span 35 years or more. As the article makes clear, planning early is key. If you don’t have a work sponsored 401(k), look into a traditional IRA or a Roth IRA. Consistently putting a little money away for retirement can make a big difference. An advanced healthcare directive is also invaluable. As someone who is single with a capital S and is unable to comfortably rely on siblings or nieces and nephews, I have a long-term care policy in addition to the healthcare directive.

Occasional sacrifices will be required as you seek to put yourself on solid ground for a comfortable and enriching retirement. However, you may not view them as sacrifices once you have achieved your goals. Try not to measure yourself against other people and what they appear to have achieved. They may have started in a much different place than you.