The #1 worry for most retirees is not having enough money to cover all of the health care costs in retirement.
The pot holes of life have a way of messing up the best laid plans for a comfortable retirement.
Retiring to someplace exotic sounds wonderful, but Medicare does not travel with you if you leave the U.S.! What are some other issues?
The more money you have saved the more options you will have in retirement.
So before you start retirement for real, consider a dress rehearsal to see if you are really ready to retire.
The reality is you need to plan for the soft side of retirement as well as the financial side.
The reality is that may not be possible for a variety of reasons.
At 60, retirement is so close you can actually taste it, but you haven’t saved enough and you know unless you win the lottery there will never be a million dollars in your bank account, so what can you do?
According to Fidelity most workers should aim to save at least 8 times their ending salary in order to meet basic income needs in retirement.
To be on schedule for retirement, at age 45 you should have 3 times your salary saved.