Many investors are caught up with the magical retirement number. When in fact, most lose sight of the lifestyle that one should consider before and during retirement. Financial planning and lifestyle complements one another.
You're not able to answer and vision the nest egg amount without considering how you are going to live during your retirement stage. The kind of lifestyle you will be able to live depends on the lifestyle you maintain before retirement.
If you are a saver then you will continue that behavior to have a worry free retirement. If you are a spender then you will also continue that behavior to have a concerned retirement. The difference between the two isn't knowing your magical number. It's knowing how you are going to live before and during retirement.
Now is the time to envision your future. Yes, many financial experts use the illustration of retiring at a vineyard or vacationing around the world, but if you haven't saved before hand then it won't happen. Let's face it, the retirement your advisor have for you may not be the one you want or have for yourself. Many retirees just want to make sure they are able to live during retirement.
So, what exactly do you want?
Once you're able to answer that question then imagine the type of lifestyle you are willing to live. At times, you may have to sacrifice today to enjoy your retirement tomorrow. But remember your behavior won't change. Just because you've reached retirement doesn't mean that it's smooth sailing.
If you truly want to make sure that you're able to retire once you hit that age run the numbers, envision your future and consider the type of lifestyle you're portraying today and will portray tomorrow.
Bahiyah Shabazz, MBA is one of the nation's leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert and author of "Finances are linked to emotions: live within your means". Bahiyah Shabazz is also a motivational speaker, columnist and host of Fabulous & Money Savvy Live. Visit Mrs. Shabazz at www.BahiyahShabazz.com