My own desire for a valuable education
I do not have a specific target number for my savings prior to retiring; however, I would save at least $10,000 a year. I am more pragmatic and believe that a comfortable retirement savings should be based on my lifestyle and spending patterns rather than my income. Currently, I do not pay any bills or worry about living expenses such as bills, food, and clothing. In the future I will have to worry about living expenses and live within my means but as of now it's hard for me to determine what expenses and costs I will have to eliminate to meet my retirement target number. One thing that I am doing, however, is taking the proper steps to reach my career goals so that I can have a financially secure lifestyle after retirement. Pursuing an education is the single and most important step that I am taking right now to set myself up for a happy future and retirement. I am the third high school graduate in my family and living a life of poverty has motivated me to obtain a financially stable career. Coming from a family that has not valued much, has influenced me to attend college. But, more so is my own desire for a valuable education and secure source of income. In addition to pursuing a higher education, I am also seeking employment opportunities available at the University/College I will be attending to save money for graduate school. These small yet powerful steps I am taking at this chapter in my life will help me reach my ideal retirement age and savings. Some of the biggest mistakes people make prior to retiring are spending too much money and not knowing what they're going to do after retirement. Also, like taking on to much debt. Under estimating what they will need in their retirement years. Living a longer life then what was expected. Cost of medical and hospital bills and nursing home care. This is especially true of professionals such as physicians and medical doctors who do not have time for hobbies or extracurricular activities. Another major mistake most people make prior to retiring is poor planning. Too often, people wait until a year before they retire to inquire their manager or financial supervisor about their retirement benefits and entitlements. I believe that a successful retirement plan should developed/considered five to ten years prior to retiring; this will enable the retiree to determine how much money he or she will have available for expenses, luxury, and bills. To avoid these common mistakes, I plan to switch from full-time to part-time employment and then decide whether or not retirement will be a healthy decision. If I do not meet my target number at 65, then I will postpone my retirement until I reach my desired savings and goals.