Ah, retirement. For most of us, it seems to be a long way off, for others it is right around the corner. Some of us think about it and plan for it (as we should) and others just hope the dice land with favorable numbers.
The Motley Fool has an article with some pretty surprising numbers about how many people in the US are not planning for retirement, even though they have access to 401(k) plans or IRAs. The article points out that you will need $1 million dollars by the time you are ready to retire, in order to cover your living costs and other expensive needs (medical coverage, anyone?).
I contribute the maximum amount to my 403(b) (I work for a non-profit company) and am preparing to invest additional after-tax money in a Roth IRA. My goal is to have around $1.5 million by the time I retire in order to take care of myself and my family (selfish reasons) and to be less of a burden on society (unselfish reasons). I hope the rest of you are just as "foolish."
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