Those in early Gen X (1960s) already entering the zone of retirement while the late-Gen X (1970s) like me probably still not ready or just starting to plan retirement. Gen Y (after 1980s) probably and unlikely want to think about retirement, wrong but true.
What exactly is Retirement?
Retirement is about independence, not simply age, and money is critical to independence. ~ Paul Bradforth
Well, if age is not a real concern, why mention about it when we discuss retirement planning? I think it it true that most people's money is co-related to age, to a certain degree.
The older you are, the longer you work, the more money you have accumulated along the way, right?
Gen X likely have their careers built and assets (property and investment in share market) and therefore the retirement is quite secure. However, Gen X should watch out for the risk, as below.
- Retiring with too much debt
- Not properly managing your risk
- Not getting professional advice
- Fumbling your distribution strategy
Pre-retirement, building / accumulating asset are your primary concern.
Post-retirement, building a steady stream of income is important, to ensure your money last longer than you.