Developing a Retirement Plan
IN THIS CHAPTER
Figuring out when to retire
Determining your financial needs and wants
Understanding your financial building blocks
Crunching and tweaking the numbers
Preparing for the nonfinancial side of retirement
Many folks dream about retiring. No more racing to catch the commuter train or beat the worst of rush hour traffic. Say goodbye to long, endless meetings about topics for which you have little or no interest. Instead you’ll have plenty of free time to do the things you can rarely find the time and energy to do while you’re working. It sure sounds appealing, doesn’t it?
Although many folks dream about retiring, few are preparing. A survey conducted by the Employee Benefit Research Institute regarding Americans’ planning for retirement found that:
- Only about 64 percent of working adults surveyed are actually saving for retirement.
- Of those who are saving, 69 percent have a nest egg of less than $50,000.
- About half of survey participants ...