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The New Savage Number: How Much Money Do You Really Need to Retire? by Terry Savage

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Chapter 1. THE SAVAGE NUMBER

The subject of retirement both beckons and repels. If you didn't want to think about retirement before the recent stock market crash and the recession, is it any easier now?

The answer is a resounding yes. That's because now everyone is aware that retirement is going to be a problem—if we define it in the traditional way. But it's also easier because now there are more resources dedicated to helping you rethink the possibilities for your retirement—whether it's on the near horizon or many years down the road.

Today my original comments about redefining retirement make even more sense. I called this section "Retro-Retirement" to explain that the retirement in your future might look a lot more like your grandparents' situation than the one you were dreaming about. Generations before us worked longer, had fewer years of leisure, and cut back their lifestyles in retirement.

If you're a younger reader, Gen X or Gen Y, you can still remodel your retirement plan. Time is on your side, if you start to plan now. But for baby boomers, who always expected a different and better retirement lifestyle, it's time to face reality. Only if we agree to work longer, save more, and adjust our plans can we enjoy retirement security.

It's time to face an important Savage Truth: Time is money. Time can leverage money, if younger workers save regularly and invest wisely. And time can devastate our retirement resources though a longer life expectancy. That's why it's so important ...

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