A big part of planning for retirement is determining exactly what you’re going to have to count on, financially, when you stop drawing a regular paycheck. This includes pension plans, your savings, earnings from investments, etc. If you’re 10 years away from the date you want to retire, many experts will say you need to have 75% to 80% of the money you’ll need already saved up. However, it is never too late to develop a strategy for your retirement.
The Baby Boomers are no longer inching toward retirement. A majority of them have already entered into early to late stages of retirement, while the youngest of the generation is only a decade away from turning 65.