Thursday, February 21, 2008

Is it not reasonable to want to retire at 60??

Not according to my financial planner, if I keep saving the way I am. Ok, maybe this is the kick in the butt I needed to get me more serious about saving for the future. I am really good about not spending money, but what am I doing with the money I am not spending? Certainly not maxing out my retirement options the way I should/could be. I would like to retire by the time I am 60, but according to the plan I saw yesterday, with relatively the same lifestyle I am currently leading, I would be lucky to retire at age 66!! Harald sent me home with some really great print outs of where I am and how it could change if I made one or many of several changes to my current savings plan and I liked what I saw. Now is the time for me to kick that plan into action and get serious about putting the money away for the future. I spent about an hour at his office last night, then about another 2 hours looking at the pretty color printed pages he sent me home with. OK, time to get really serious about retirement savings. Wish me luck!

3 comments:

Canadian Saver said...

I went through this exercise last November (first meeting) and in January (when he gave me the #s). It's interesting, isn't it? We got the kick in the butt that we needed!!!

Personally, I'm hoping to go part time at 55, retire for good at 60... but I still have a lot of saving to do!!

Kansas Simplicity said...

You will get there. Higher return, more savings or more income will increase the returns yet at the same time, I think you face issues that are not know (like all of us) to what the situation with social security and other taxes will be. To me, this is a big question concerning what the state of retirement in America will be. My key lesson is not be like the boomer's in front of us that have for the most part saved nothing...now that is a retirement dilemma for sure.

Escape Brooklyn said...

Oh no! If *you* can't retire at 60, what hope is there for the rest of us???

66 sounds waaaaay too far away!

Maybe I should see a fee-only financial planner to get a kick in the butt of my own...