Retirement. If you are like me, this is decades away, and doesn’t really enter your day-to-day thinking. You are probably putting something away for the future, but don’t really have any idea how much you really need to save to make the transition to retirement at the lifestyle you will be living at that time.
Most people spend more time planning a vacation or kid’s birthday party than they do planning for retirement. They have no idea what they will need to have saved to live at the level they want, nor any idea how much they will need to save each month to get there!
I don’t know about you, but I don’t want to get to age 65 and realize I have to work to survive, not just work because I want to. How about you? Do you know?
I challenge you to run the numbers in a financial calculator, such as this one to see what you realistically need to save to meet your long term goals.
What did you learn? What will you do now?