Many times when I ask people about retirement, they have no clue what age they will retire or how much money they need to live out their final 20-40 years after they stop working.
And sometimes they say that they will never retire, and that’s unrealistic cause how many people in their 70s, 80s and 90s do you see working in the cubicle next to you?
It’s naive to think you will work forever and it’s foolish to not know how much you need to live out your final years comfortably.
I’ve been thinking about my retirement ever since my first journalism internship, right before I turned 21. Then, on my second journalism job out of college, I found out most people retire broke and Social Security may not be around when I need it.
I’ve been retired from corporate America since I was 37. But I still work my businesses 20 hours a week. I plan to completely retire by age 50. So I have a good 7 years of hustle left in me to earn as much as I can to last me for 40 years. That would put me at 90 years old. And that reminds me of a 90 plus year old man who asked me where he can get financial assistance because he didn’t expect to live that long and ran out of money. So I probably should plan to have enough to last until age 100.
And my advice for you readers is to figure out what age you want to stop working altogether and how much income you need flowing in to thrive during retirement and what will that income source be. Also figure out how much you should have in reserves. Then, set your plan in motion by meeting with a trusted financial advisor. Stick to the plan and modify it as you progress through life.
This way you are working for more than a paycheck in order to pay some bills. You are shaping your future, and you will not contribute to the broke retirement statistic. 😉