Retirement is arguably a goal for many people. Whether or not that’s an appropriate goal to have, that’s a different story. But, if you are looking to retire, how long will it take? To retire, you will need to save a certain amount of money. This amount will vary depending on your lifestyle and desired retirement age. You should also consider factors such as inflation and taxes when making your retirement plan.
In 2015, nearly a third of working-age adults in a Federal Reserve report said they had no retirement savings or pensions. To ensure a comfortable retirement, it is wise to start planning and saving early. Investing in a retirement plan is an excellent way to ensure you will have the money you need when you retire.
So, is it possible you’ll have to work past the age you wanted to retire? Absolutely. So you might as well try and do something you enjoy.