How to achieve one-million-dollar retirement goal
From my previous post, it seems I have to save around one million dollars for the retirement! I have to confess that I am overwhelmed by the number! How can I achieve this goal, especially I started my retirement saving at the age of 35?
I panicked, and googled a lot of information regarding retirement planning or various ways to catch up the retirement. I understand that I may not need a million for retirement. Other factors may play in role in the calculation as detailed here. But my philosophy is: prepare for the worst! I am dedicated to achieve the goal.
The question remains unanswered: How an ordinary people can save one million dollars for retirement?
I have found the following information. Mitch Tuchman has an article at Forbes, listing four approaches:
- Start early
- Save enough
- Get the match
- Stay on track
Unfortunately, I could not start early. It is not something I can ride a time machine, go back in time and fix it.
Save enough may be possible, but I need to determine my saving goals to catch up.
Get the match is a no-brainer, and I’ve already done so.
Stay on track is not an advice to be precise. It is just a way to see how much you’ve saved over time, so you know how much you need to catch up.
If you want to read the complete interview on the characteristics of people who save one million dollars for retirement, you can find it here.
The bottom line is: not very helpful for me. I think only two things I can do: invest smartly, and save diligently, as Real Deal Retirement suggests.