How to Retire Like You Are Donald Trumpk), liquidated assets, and personal savings you should have enough saved to live comfortably for years to come after you leave your job at the ripe old age of 60. It's the American dream after all - to be able to retire like Donald Trump, with enough money to live the rest of your life worry-free.
But now you've been tricked because guess what? Even Donald Trump doesn't plan on retiring.
Work Until You DieThe infamous billionaire Donald Trump has said that for as long as he's enjoying his work, he will keep doing what he loves. Many millennials have expressed a similar opinion. For starters, at least half of those born between 1980 and 2000 believe that they will not receive any social security and estimate they won't be able to stop working until they are 73.
However, this generation has also been raised with a different mentality. Instead of working a job that is available to make ends meet, they are encouraged to choose a career based off of passion and interests. The idea of this generation is that ideally they won't feel the need to retire because like Trump, they will like their job too much to want to leave it.
Financially CapablePersonal preference aside, it is becoming less of a financial option for young people to look forward to retirement. Two decades ago people were able to retire at 57. However, the average retirement age is now up to 61 and is only estimated to continue rising.
There are a number of factors that you could blame this on. For starters, social security funds are quickly being diminished, with concerns that those who have been promised social security may never see any of it. Then consider that the economy is still unstable and it may be impossible to say when it could improve.
Throw into the mix that the millennial generation graduated from college and entered a poor job market where it often takes three to nine months to find a job, armed with thousands of dollars of student debt and they're off to a bad retirement start from the get go. Many companies now don't want to have to hire workers for full time positions because of the extra expenses with health care and 401k plans.
According to Intuit, by 2020, 40% of American workers will be freelancers, contracted, or temporary employees. These workers will all lack that "free money" that is so lucrative about a 401k. Sure they can work with a financial planner to build up a financial portfolio. But while it is wise to spread out your assets, having a 401k is a vital part of a retirement plan.
Even if you are close to retirement age now, chances are you still feel the need to keep working, whether it's to remain on a company health care plan, work on paying off a mortgage, or the love of the job. Even considering how affordable it may be to go to for assisted living in Surrey, Butte, or another small town location, there are still the costs of medical care and taxes to keep in mind. If you really want to retire like Donald Trump then you'll consider the option of not retiring at all, at least not right away. During these so-called "uncertain times" it is better to save as if you want to retire soon but plan to retire later.
By Theo Schmidt