If you have a lot of money and want to retire, you don't need to do anything, at all.
You never have to plan for the time when you can no longer make a living. You have only to decide how and where you spend your money. Not, if you can survive without that paycheck.
People with money have more confidence, fewer anxieties, more luck. People with money make money work for them. If they work for an employer that matches their retirement savings in their 401K, they have found the golden key to retirement.
The more they save, the more they are gifted
Their money will make money as long as they don't spend it all.
It turns out that if you are one of those people with money, you are also healthier, and seeing doctors and dentists regularly will guarantee you remain healthier. Your resources will allow you to have more choices in life than those people who must work and scrimp every minute of their lives.
People with money most likely received a free-paid by their parents-education, a free wedding, free loans or low interest loans to get started in a business. They married better partners; they left the marriage that had not worked out; they moved on to careers that were more rewarding.
People with money have always had more choices.
What about the rest of us?
Since the last recession took a bit bite out of their investments, if they had investments, the average family is not equipped to pay for their children college education. Settling the younger generation with substantial debt before they have their full career ahead of them is bound to complicate things for these children for decades.
Should the parents become incapacitated and in need of help, their children will not be able to take them in, offer assistance, pay for the extra help to maintain a minimum of amenities and lifestyle. At all stages of life, the average family does not have sufficient resources to achieve the American dream.
If you feel comfortable in your present lifestyle, and are planning to retire soon, do a bit of research before you quit that job.
If you can, continue to work part-time, see if you can live on half as much.
If you are young enough to start somewhere else where you will be happier and fulfilled, make that move. Retirement may be postponed. Retirement is not all that it is cracked up to be.
Most people enjoy working and contributing to society.
Most people do not have enough hobbies or money for hobbies. And even if they did, how much fishing is too much; or golfing; or needlepoint?
Ask yourself if you are prepared financially first and foremost:
1.What can you cut back on? Your retirement funds may have to last you thirty years...
2. Things will break down and will need to be replaced: cars, roofs, teeth...
3. Prices will go up for your basic needs such as food, medicine, transportation...
4. Traveling and hobbies will take a big bite of scarce resources.
5. Your medical costs, even if you have always been in good health will no longer be paid by your employer, or subsidized by your company. Even with Medicare's coverage, you are looking at increased medical costs. Plus, as you get older your body needs to be checked more often, at the very least. You will see more specialists, take more drugs, require glasses more often.
Last, but most important, why are you retiring? If your job is fulfilling and rewarding, keep working, but take as many vacations as you can, check out places and activities you might want to pursue to remain active and happy in your later years.