I have at least 30 more years before I can retire.
Traditional retirement is not my plan however, and it shouldn't be yours either.
CNN just released an article entitled, "Will I ever be able to retire like my Grandma?"
You can click here to read the article.
In brief, the answer is no. If your plan to retire is to do things exactly like grandma and grandpa did, then you are already WAY behind. It won't work and the numbers prove it.
Grandma retired with something most people will not receive, a pension. Additionally, the previous generation will also be entitled to their other half's pension (or a percentage of it) even after significant other passes away. Add on social security (which also has a survivor benefit) and a retirement account. You can see how quickly that adds up to some serious retirement dough. My generation will not receive most of this.
Even assuming social security is still solvent when I retire, it will account for about 1/3 of what retirees receive today. Again, this is also assuming inflation stays under control AND the government increases benefits over time to match inflation. I don't like those odds either.
If you are not building a retirement that involves passive income, then you are never going to reitre like grandma. Passive income is money that comes in whether you actively work or not. Dividend paying stocks, bonds, and rental properties are examples of passive income. Be sure to follow my blog for more ideas on passive income and how to create it.