How many people plan to spend their golden years working at the Golden Arches, if you get my drift? It may sound funny, but when it comes to retirement you have to cross your 'T's and dot your 'I's. Otherwise once you sign on that dotted line and leave your job for the leisure life, you may find that the money you have won't sustain you.
This is why you'll probably retire twice, since your first retirement will run out quick. Lets set aside my pet peeve of spending money on gambling and scratch-offs, and think about miscalculations. It is best to start early, but conventional wisdom says that most people won't start saving in their 20s or 30s, and some will procrastinate beyond their 50s.
The earlier you start saving or investing for retirement, the less it will cost you in the long run. Relying on only that carrot known as Social Security Income may be a pipe dream unless you have other sources of income. SSI has been increasing their full retirement income age and many will be happy to take a pay cut of 25% by retiring at 62. This is great if you live to be 70 because after that you may regret retiring at 62.
Nowadays, people should realize that times-they-are-still-a-changing and this isn't your mommy or daddy's retirement. Financial planning for retirement means adjusting to unforeseen circumstances. Pay a planner if need be.
In conclusion, before you retire and give up work through self-termination, make sure you don't have to go back to work, when you retire!
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