At a recent social event for work, I overheard a conversation about the topic of retirement between a handful of “seasoned” workers.
- Given longer life expectancies, will your retirement savings last until you’re 95 years old?
- Can your savings replace at least 60 percent of your pre-retirement earnings?
- Do you plan to have your mortgage paid off?
- Can you cut your living expenses by at least 20 percent?
These are the questions that anybody who hopes to retire needs to consider – sooner rather than later so that they can rely on a secure retirement number instead of praying for a lottery number.