ProfMoneyWise
Member
Answer - yes.
While many enjoy deserved retirement income from Military, Government or even a dwidling few from commercial corporations this does not negate the need for an emergency fund of a minimum three to six months of living expenses.
Many have planned responsibly and could live on their retirement income and cover the basics. Many are also fortunate to continue working and are really doing quite well financially. However, do not get lulled into thinking that your only concern is the basics. Those of you working do not get lulled into thinking you could easily live on only the retirement money if you lost the job.
What if the job was lost and on the way home you had a fender bender, or the AC went out, or a family member fell on hard times and you wanted to help, or the engine blows in the car or (insert your own here)?
Large unexpected non-job related emergencies still need to be planned for. Those of you who receive the deserved retirement income have a leg up on those who do not. Don't squander the advantage.
And remember. Setting aside "more than enough" does not mean you lost that money. It just went to a place to be used in case something happens. If that something never happens . . . it is still YOUR money.
This and every Memorial Day . . . remember the fallen.
While many enjoy deserved retirement income from Military, Government or even a dwidling few from commercial corporations this does not negate the need for an emergency fund of a minimum three to six months of living expenses.
Many have planned responsibly and could live on their retirement income and cover the basics. Many are also fortunate to continue working and are really doing quite well financially. However, do not get lulled into thinking that your only concern is the basics. Those of you working do not get lulled into thinking you could easily live on only the retirement money if you lost the job.
What if the job was lost and on the way home you had a fender bender, or the AC went out, or a family member fell on hard times and you wanted to help, or the engine blows in the car or (insert your own here)?
Large unexpected non-job related emergencies still need to be planned for. Those of you who receive the deserved retirement income have a leg up on those who do not. Don't squander the advantage.
And remember. Setting aside "more than enough" does not mean you lost that money. It just went to a place to be used in case something happens. If that something never happens . . . it is still YOUR money.
This and every Memorial Day . . . remember the fallen.