TECHNOLOGY`S ROLE ON PROJECTED EARLY SETTLEMENT
Over the years, modernization and technological advancements have reshaped the way people complete their daily tasks. Innovations have prompted companies to adjust to cope with competition, and while this is proven as advantageous in terms of efficiency and productivity, it may gather frowns among some working class. This is because the everyday evolution of machines might mean a sudden loss of jobs for some sectors, wherein automation is seen to fully takeover for the coming decades. It will be a gaping hole in terms of an individual’s retirement savings so if you are worried about being affected by this pending change, it is best to think about your next moves such as moving into another field that offers longevity, or concentrate on how to maximize you present earnings in case of a surprise unemployment.
Jobs at Risk The tech industry is expected to continuously develop up to 4.7% by 2018, and although the figure is quite modest, workers still need to be alert. Here are the top fields that are likely to be replaced by robots in the near future.
- Mail delivery: A 26% drop in hiring is forecast in this area, mainly because of the rise of computers when it comes to sorting and processing mails. Moreover, people are more dependent on texts, emails, and chat services nowadays.
- Switchboard operating: Many firms are already relying on automated phone directories, eliminating the need for an individual to direct calls.
- Machine setter: The flourishing of technology is mostly evident in the manufacturing sector, as it gets the task done faster.
- Word processing: Typists, particularly transcriptionists, should be ready as a 16% decline in employment is expected in their department, because there are already transcription programs that can handle the work.
- Banking: With the emerging popularity of fintech that allows you to finish your bank duties through mobile or other gadgets, there may be no need for people to see a teller real soon.
Gearing up for the unexpected
- Ramp up your retirement plan: Devote your earnings to your 401(k) especially if your employer offers a company match. You can also make catch-up contributions as you get older.
- Reduce your expenses: Downsizing your living standards and eliminating unnecessary spending will work wonders, as well as gradually slashing your debts.
- Delay Social Security: While this can help you supplement your settlement funds, it is important to have proper timing as the earlier you apply, the lesser your benefits will be whereas if you postpone it until 70 years old, you get an 8% hike in the total amount obtained.
If you think 401k is enough think again
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