This all really only applies to those few folks who (1)earned
enough to save a hefty amount from a relatively young age,
meaning they could also afford the high costs of children and
(2) have $1M+ invested (and not with B. Madoff or his ilk).
I prefer to use the "Rich Dad" approach - create lasting
streams of revenue over which you have far more control
than the stock market. This means rental property and
businesses that generate passive income, among other
things.
In addition, I've never really been clear on what one is
supposed to do when one "retires". I chose I career that
didn't pay much in the early years, but learned skills that
enabled me to start a consulting practice in my 40's. If all
else fails - I can continue to consult on a part-time basis far
into my elder years - and maintain the value of write-offs for
business expenses (e.g., home office, car, cell-phone,
computer, etc.).
At the same time, I can pursue other interesting business
ideas and opportunities. I'd much rather invest in my own
ideas and pans than in Wall Street - which clearly does not
share my values.
One of these days I'd really like to see an article on
retirement that applies to the 99% of us who were not able
to save huge amounts of money and/or who've been
pummeled by the stock market and don't have a lot of time
to make it up before we "retire". It seems that there is a
HUGE disconnect goig on here.
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