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October 24, 2005

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FMF,

Interesting article. This is certainly a topic of conversation with the "Empty Nester" crowd. One of the things that I have noticed in my practice is that the baby boomers define retirement completely different than the previous generation.

Every single person that I have talked to described a more expensive lifestyle than they one they currently have while working. This was largely due to travel, and the desire to have two homes in retirement.

I suppose most won't achieve this goal because of poor financial planning. But many still can. Once a couple hits the empty nester stage, their ability to save sky rockets.

I have found that only about 3% have any idea how much cash it will take to drive the lifestyle they want. I can tell you from personal experience. A million dollars isn't what it used to be.

They moral to the story? Find your magic number, (how much cash will it take to drive the lifestyle you are looking for?), and save cash like crazy!

David Porter

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