I’m sitting in my favorite Starbucks observing the struggling middle class shell out four bucks for a cup of coffee. It’s Saturday morning so there are only eleven people waiting in line. 🙄
One women with a toddler holding her hand was having a conversation and mentioned to a friend she had the child who was about four, when she was 42. That made me think how much things have changed.
When I was 45 we took our oldest son off to college which began ten years in a row of one, two or three children in college. When it was over I was 55 and had some time to recover financially.
Today my oldest child is 45 and the youngest of four is 40 We have eleven grandchildren; the oldest is 11 and the youngest is 8 months. When my oldest son’s twins are ready for college he will be 61. Even my youngest son who has the oldest grandchild will be 48 when his son heads off to college. What should be prime saving years will be the prime college expense years.
From what I can observe, the above is a common scenario today. It would appear the headwinds for retirement planning are more than just saving.
Will the very concept of retirement as I know it be a thing of the past?