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December 24, 2010


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FMF is correct that it makes more sense to think about "How much income will I need when I retire" rather than "I need a million dollars to retire".
In the America of today where pensions are disappearing fast for lots of employees if I were about to enter the workforce I would be trying to get a job with either the Federal, State, or Local government because they still give really nice pensions. First off I would have changed my major to Civil engineering rather than Aeronautical engineering. Then at age 65 if I had SS and a pension that could be anywhere from 75%-100% of my pay I would feel that I was secure. Government jobs are also more secure than those in the private sector, an important consideration these days.
It goes without saying that you also need to live frugally, save hard and marry a woman that has good job skills and also feels the same way as you where money is concerned. Last of all - Avoid Divorce by getting it right the first time - Divorce can be devastating to your financial future.

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