I read this yesterday:
This part of the article in particular really stood out to me (bold mine):
For more than 30 years, Stewart ran his own photography business, doing everything from studio portraits to illustrating annual reports for hospitals and other large corporations to freelancing for national magazines and newspapers.
As the news media began to struggle, the magazine and newspaper work dried up. As the economy tanked, his large corporate clients began to use cheaper stock photos purchased online rather than hire him to take new ones. Eventually he took his current job, producing videos of pastors’ sermons and photos for church publications. He says he is glad to be one boomer to make a late career change and keep working.
“There were times when the money was really rolling in,” he says of his old business. “But somehow retirement wasn’t really in the forefront of my thinking then, so saving for it wasn’t an automatic thing.”
Yep. That’s how time goes. Days turn into months. Months turn into years. Years turn into decades. You get the idea. Before you know it, you’re forty years down the road and you have nothing.
No, there are no guarantees. You can save all your life and still end up with less than you thought you would have due to the whims of the market (or a major catastrophe like sickness). Regardless, it’s still prudent to save for the future.