Have you seen the article about the 82-year old Walmart employee who received over $100,000 from strangers so that he could retire?
This story makes me very, very sad.
I’m not sad because people reached out to help this senior citizen , nor am I sad that he retired. No, I feel despondent and a little discouraged because he’s also in a system where working to death is the only option for so many. Had he not been “lucky” enough to be cashiering for a TikTok influencer, then it’s doubtful he would’ve benefitted from the kindness of strangers. He would still be working, just like countless other elderly people whose personal stories go untold online.
Truth be told, I’m not convinced that he was working because that’s what he wanted to be doing at age 82. If that had been the case, then I doubt that he would’ve retired upon receiving the six-figure cheque. He would’ve banked the money and gone back to work – just like all those other people who work because they love their jobs! He wasn’t the CEO of a successful company that he had built from scratch. There was nothing in the story to suggest that working as a cashier fulfilled his most cherished dreams and desires. None of the details of this story indicate that his employment brought him a sense of fulfillment or a belief that he was pursuing his life’s purpose.
Instead, the story was about a senior citizen who was toiling away with no end in sight. I can only assume that he earned just enough to not starve to death but nowhere near enough to ever stop working.
Think about your own circumstances. When will work become optional for you? Do you want to be forced by your personal finances to work at age 82? Or would you prefer that working at that age be a choice based on your passion for what you do?
If it’s the latter, then make sure that you’re building your financial cushion today. The sooner you start, the better. Invested money needs time in the stock market to grow. I’m not in any way suggesting that you sacrifice every single joy that you have in order to save for the future. That’s an awful way to live!
Sixty of seventy years ago, the internet didn’t exist. I cannot blame that 82-year old Walmart employee for not knowing about mutual funds, exchange-traded funds, and other investment products. The information wasn’t as readily available at one fingertips, not like it is today. The search engines, online classes, blogs, robo-advisors, self-directed brokerages, and podcasts from which to learn were not there for him until well into his late 50s and 60s.
The same isn’t true for you. If you can find this blog, then you can find anything you need to know about investing. The information is there. You need only go and find it. Do yourself a huge favour! Make the effort to maximize the odds that working in your dotage is a choice and not a requirement.
Invest some of your disposable income for long-term growth. Spend the rest of your money however you want. Just make sure that you never touch your long-term-growth money. A slice of every paycheque should be invested every time you’re paid. The capital gains and dividends should be automatically re-invested. It won’t happen overnight, and it will likely take years, but you’ll eventually have a stream of cashflow from your investments that can be used to replace your paycheque. Once that happens, then you will truly be working because you want to and not because you have to.
Take steps today so you’re not in the same position as this 82-year old cashier. Depending on the kindness of strangers to fund your retirement is risky. While this man was “fortunate” enough to be helped by a group of online strangers, there are countless others who need the same help but will not get it. This is how our system is designed. There is no onus on anyone to give you the retirement that you prefer. Our legislation provides you a financial floor. You can rest assured that it will not be enough for you to live the way you want in your dotage. Thankfully, there are steps that you can take to minimize the odds of an impoverished old age. It’s up to you whether to follow them.