By far, the number one question I receive as a financial educator is: “How much do I need to retire?” Sometimes people will even blurt out this question the minute they walk into a seminar, as if there’s one magic number that I can share with them. But the truth is, there isn’t one. There isn’t one magic retirement goal number that works for every situation – in fact, I’d venture to guess that every single person I meet has an entirely different number.
For many of us, an employer retirement account is a given … but what if you’re self-employed? This week’s question comes from a reader who is a freelance actor, and her spouse is a freelancer, too. She wants to start saving for retirement early, but she’s not sure what her options are since she doesn’t qualify for an employer-sponsored 401(k) program.
About a month ago my aunt posted a picture on Facebook of my grandparents before going to prom night at their senior living community. They were each dressed up in their finest and they looked so happy to enjoy the evening with each other and their friends. I think this photo is a great representation of what retirement looks like to me. Retirement isn’t about buying a yacht, traveling, or even the ability to sleep in. It’s not about what you’ll buy or even what you’ll do, it’s about making the most of the time you have with the people you love.