One of my "goals" is to get a comment published in one of the many magazines I get each month. I have posted a few of the comments on this blog in the past and here is another one that sent to Money magazine this morning.
In the May 2007 issue there are two articles about saving for retirement. One states that some people may be saving too much based upon the online calculators. The other article says that saving the traditional 10% of your income may not be enough.
Now we are all confused!
I agree with Laurence Kotlikoff in “The Nest-Egg Philosopher” interview by Josh Hyatt in the May 2007 issue of Money magazine. Those online retirement calculators are a good way to get an estimate of what you will need to save, but there are many more factors that need to be taken into consideration when planning for retirement.
Of course, about 25 pages later, Walter Updegrave gives his view on how only saving 10% is not enough, which again may or may not be right depending on the individual’s situation. So what are we to do?
The best advice is to figure things out for yourself. If you do not have the ability, then find a trusted professional retirement planner that can review your situation and create a customized plan for you. It may cost a little bit of money for the advice now, but it is much better than being in a lot of trouble later in life!
Not my best thoughts, so I doubt that this one will get published. At least I tried though!