Last October, The Billfold asked a bunch of people what they would do if they got a surprise $20,000 windfall. Most people said they would use the money to pay off their debt, then save and invest some of it, and then use a little bit of the money to travel. My thoughts then were pretty much in line with everyone else’s.
And then last week, I got a windfall. My parents were left some money by a relative, and they gave me $6,000 to use however I wanted.
You may think retirement is out of reach, and you’re probably right!
To better assess your retirement needs and preparedness, please answer the following simple questions:
1.) I would like to retire at the age of:
a.) 55, as I am already a multi-millionaire who works solely to alleviate the ennui.
b.) A spryish 87.
c.) It all depends on whether or not I’ve saved enough vacation days by 2067 to attend my death.
2.) I’m in my:
a.) 30s, but I have no children, hobbies, student loans, rent, or dietary needs, so I’m ready to start modestly planning ahead.
b.) 50s, with no history of conveniently-timed dead-on-the-spot strokes in my family.
c.) Grave, which we still need to figure out how to pay for.