The key is to start saving/investing early in life and be consistent (save with
every paycheck). The power of compounding is lost on many people. Also take
advantage of any employer matching plan, max out contributions when possible,
eliminate debt, avoid risks with your nest egg and plan for multiple streams of
income once retired (social security, pensions, dividends, part time work,
etc.). And make catch up contributions once you reach 50. I use several sites
for retirement information including Dividendchannel, ETFchannel and the site
Retirement And Good Living which provides information on planning and investing
as well as finances, health, retirement locations, part time work and also has a
great blog of guest posts about a variety of retirement topics.
For those who have used up all their money with covering many emergencies in
life might try what we did. We zeroed in on what we would have to live on
during retirement, then set up a budget for success at that amount. We then
lived on it for six months to work out the glitches and saved everything else.
We have been surprised at how well we have done. By saving the extra money we
now can cover major emergencies as they come along. This did require some
changes in our lifestyle, but it all worked out for the best.
Oddly the article doesn't talk about people who have been out of work since
2008, have used all their saving, 401K and retirement money just to survive and
now at 60 cannot find another FT job. Reminds me of the Steve Martin line about
how to live on a million dollars a year "First, you get a
Try not to catch "Affluenza."