You’ve probably heard the phrase “hope is not a strategy.” The definition of hope is “to want something to happen or to think that it could happen” (Merriam-Webster). When it comes to saving for a financially secure retirement, many statistics suggest that we rely more on hope than we do on strategy. We hope Social Security will be around. We hope we won’t lose our jobs. We hope we’ll be able to pay off our debts. We hope we’ll stay healthy forever. We often get consumed by the things we need to pay for today—instead of focusing on ways we can save for our long-term future. While we may hope that things will take care of themselves when it comes to money matters, the reality is that there is simply no substitute for long-term planning.
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