The reality is that is a line from a fairy tale! Too many things can go wrong with your planning.
The reality is that may not be possible for a variety of reasons.
The reality is Social Security was designed to replace only about 40% of your current paycheck and less if you are a high wage earner.
The reality is there may not be much money left to inherit.
The reality is if you start later in your working career you will need to save more money than if you had started younger.
It is your money in that IRA, and you can get at it, but you may have to pay a penalty to get at it.
With a Roth IRA, you use after-tax dollars to make your contribution and when you withdraw the funds in retirement you will not owe income tax.
A Spousal IRA is used for an unemployed or underemployed spouse with little or no income.
A Rollover IRA allows you to receive distributions from qualified retirement plans such as your 401(k), 403(b), 457.
IRAs were introduced in 1974 and were designed to help individuals not covered by retirement plans at work and to give individuals changing jobs the ability to rollover retirement assets and retain the tax deferred status.