This is an interesting question because some people don’t feel as though they have enough money to live the way they want to live now! Sure, we live in the land of opportunity but mortgages are hard to come by, rents are skyrocketing, social security and pension benefits are disappearing and health insurance is expensive. Further, individuals are living and working longer and for some, retirement might not be an option until they are in their 70s.
As my advisers are fond of saying, “It’s not what you make, it’s what you keep.” Similarly, it’s not how many years you live, but how you live your years. So if you are planning to live comfortably (however you define comfortably) for many years after you retire, then you need to start planning now. Start by thinking about the life that you would like to live and work backwards. Others might have a different approach by if you can dream then you can achieve, it is just a matter of how.
Planning for retirement is not easy. It requires that you to make plans without having a crystal ball. How long do you expect to live? How much money will you need to live? How do you adust for inflation? Will you need long-term care insurance? These questions are best discussed with a financial planner who can help you put the best plans in place to achieve your dreams. Perhaps your dreams are unrealistic, perhaps they are not. But one thing is for sure, finding out whether or not you will be able to retire the way you want is best determined when you are healthy and able to produce income vs. when you are demended and living on fixed income.