Do You Have a Retirement Date Target?
Most people have figured out by now that many baby boomers are having to re-adjust their plans for retirement, mostly by delaying their target retirement dates. The reality of the market crash coupled with inadequate boomer retirement savings to begin with has forced those decisions.
My impression is that many readers of Tough Money Love are not baby boomers but are younger. This causes me to wonder if the younger folks have adjusted their retirement date targets or if they have a target at all.
Let me stop here and present my definition of “retirement.” To me it is actually financial independence: That point in your life where your demand for money does not exceed your ability to meet that demand without having a paycheck.
Some folks can’t comprehend a time when they will not want to work, even a little. That’s OK. In my retirement definition, working is optional but not financially necessary because you have the resources to do without employment income if you so choose.
I would hope that readers of personal finance blogs – of all ages – would have retirement in mind as one of their financial goals. Otherwise, why are you reading? At the least, having a target retirement date in mind would be helpful in the selection of investments and in determining suitable savings rates.
Investors who consider the purchase of the now-discredited target-date retirement mutual funds would also be forced to think about a date or age when retirement may happen.
So now to the questions for you – which I am asking because I may have something to learn from your answers.
1. Do you have a target date (or age) in mind for your retirement?
2. If so, what is that age?
3. If not, why not?
Thanks in advance for your answers.
While we are on the topic of important life events, how about learning some life lessons from someone who has lived a little? Check out this list of 50 life lessons compiled by a 50+ columnist from the Cleveland Plain Dealer. What I like about her list is that she has written them in a witty way that makes them a little more memorable.
Thanks for being a reader.