With the cost of living going up and the minimum wage going down, the number of older Americans and poor retirees is on the rise.
Workers can barely stick their necks above the waters, and it forces people to retire poor. The situation is common, although this is more prominent in some countries than in others.
The sad fact of life, however, is that less than 5% of people will be financially free by the retirement age. Over 95% of the people will retire poor.
What Makes People Retire Poor?
These are alarming statistics and justifiably should provoke us to beg the question, “why are 95% of people broke in their retirement years?”
They Never Clearly Define Financial Freedom
The straightforward definition of financial freedom is. Passive or security income must be greater than or equal to our lifestyle expenses.
They are Unaware of the Power of Their Subconscious Mind
Your subconscious mind will set up your financial thermostat. You must first examine what financial files are stored in your subconscious mind.
They are Surrounded and Influenced by Other Poor People
Many people cannot realize the influence their reference group has on their destiny.
They Don't Save.
Many people will retire poor simply because they have no golden goose, and those that do frequently murder it in the name of immediate gratification.