I read the CNBC article Most Americans think $1 million will be enough for a ‘comfortable retirement – here’s how to figure out how much you need and laughed hysterically. I also read a blog that made me laugh found on Daveramsey.com entitled Can you Retire on $1 Million?
I laughed because I am a social worker. I believe their advice is valuable, but if I had done what they suggested, I would have lived my entire life in a cardboard box in an alley outside of my office. I imagine that I am hearing social work colleagues say, “and an amen goes right there.”
For social workers like me, saving $1 million dollars is a pipe dream. The very thought causes me to feel sad that I dedicated my life to others, and I may not have enough, by the authors’ standards to live as I age. Very often, social workers work for agencies that do not offer retirement plans. Community organizations or private non-profits don’t always offer the benefits offered by government funded social service agencies. Smaller agencies may have limited budgets that only provide for minimal salaries. This means that employees may bear the full responsibility for their medical insurance coverage or retirement.
While larger agencies offer a more comprehensive benefit package, social workers may leave to earn more money or to experience better working conditions.
More states require individual to earn a social work degree from an accredited institution in order to use the title of social worker. Most social workers borrowed money through student loans to earn advanced degrees that allow us to earn higher salaries. The irony is that the salaries never seemed to justify the loan amounts. The advanced degree allows
Many social workers and service professionals work two or more jobs to make ends meet. Throw a husband and a couple of kids in the mix and we squeak by month to month.
I don’t have a solution to everyone’s money concerns as they approach retirement. I can offer the wisdom of my experience in developing a side hustle business that will eventually supplement my retirement income.
I started building the foundation for my sustainable, successful and satisfying side hustle by asking and answering 5 Smart Questions.
I offer you this free resource to get you started as well. Click the link to download your free PDF
Boost Your Social Work Income with 5 Smart Questions
“I work with social workers and hard working professionals who want to be happy. I would love to hear from you.” You may join the conversation by commenting on this post or on our Facebook fan page REAL Social Workers Online Magazine or connecting with me on LinkedIn.