My guess is most people probably aren’t devoting sufficient time to planning and saving for retirement. I read somewhere that the average Baby Boomer has less than $50,000 in savings heading into retirement. On the surface, this means that workers won’t be able to retire, so they will continue working.
In the book Bull’s Eye Investing: Targeting Real Returns in a Smoke and Mirrors Market there is a retirement age graph reprinted from the Financial Analysts Journal which clearly predicts that there will be a steep increase in the retirement age over the next 15 years. Starting with an average retirement age of 65 today it leaps to 72 in 2022.
I’m not focusing on an age to retire. I’m looking at places. At this point, I’ve saved enough money that I could retire to certain spots in Indochina. After a few more years, I’ll be able to afford parts of South America. Or I can keep working until I’m 67 and afford Maui.
If you had to retire tomorrow, where could you afford to live?
I could probably hole up for a couple weeks at a Comfort Inn.
Not funny (but true!). I’m probably looking at a much-later retirement age.
Go for Maui =)
My goal is to retire by 50 and drive a school bus as my “retirement job”. Everyone always laughs at me when I tell them that although I’m not sure why 😉 It’s a steady, easy job that gives you a reason to get up every day. Plus there’s plenty of downtime and vacation time (holidays, spring break, summers) for vacations/travel.
Anyway, we’ll see how it works out, but I’m well on track in terms of finances.
Like OTTO from the Simpsons.
–I used to ride the bus. Now I drive the bus! —