“Most of us would like to retire someday with the peace of mind that we can take care of ourselves financially.“
In this lesson, we’ll introduce the basics you need in order to design your own financial future.
Having a financial strategy is critical because you may spend quite a few years in retirement. In fact, the length of your retirement may equal the number of years you were in the workforce. You may need to support yourself financially for a retirement that lasts decades!
So it makes sense to create a strategy — a retirement plan — and start to implement that plan as early as you can.
When it comes to creating a retirement strategy, there’s no such thing as “one size fits all.” Everyone’s circumstances and financial situation are a little different. With your own personal strategy, you’ll know how much you can afford to spend each month and not outlive your retirement savings.
By the way, if you’re counting on the federal government’s Social Security program to fully fund your retirement, don’t bet on it. Generally, Social Security will probably not pay you enough to live on in retirement.