Pittsburgh Post-Gazette

Ben Roethlisberger didn't mean to freak everyone out about his retirement Pittsburgh Post-Gazette Ben Roethlisberger started the will-he-or-won't-he retirement discussion back in January, and he says he's not shooting for a replay. I understand, so it won't happen again, he said Monday (while laughing, for the record). Gooood luck. Advertisement.

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Ben Roethlisberger didn't mean to freak everyone out about his retirement - Pittsburgh Post-Gazette

We hear stories all the time about people who manage to retire in their 50s, 40s, or even earlier. And while some of those folks might strike it rich in the business world or come from wealthy families, a lot of them don't get to where they are by snagging a windfall or capitalizing on handouts. Rather, they work hard and establish their priorities early on in life.

If you're serious about retiring ahead of schedule, whether that means leaving the workforce at age 50 or sometime in your early 60s, you have a pretty good shot at meeting that goal if you start working toward it soon enough. Here are a few steps to take if early retirement is important to you.

IMAGE SOURCE: GETTY IMAGES.

Retiring early often boils down to making smart financial decisions, at the core of which is knowing where all of your money is going. That's why it's critical to create a budget that maps out your expenses and helps you track your spending. Once you get a clear sense of how much money you have to work with at present and what you're doing with that money, you'll be better positioned to check off the next item on our list: living below your means.

When you work hard, it's natural to want to enjoy that success, whether it's in the form of a nice car, a spacious home, or a string of luxury vacations year after year. But if you're truly set on retiring early, you'll need to make a habit of living well below your means, both now and in the future.

Imagine you currently bring home $5,000 a month and spend every last cent. Unless you somehow accumulate enough savings to replace that income in its entirety, you're going to struggle once you stop working. That's because you'll have gotten used to a certain lifestyle, and the older we get, the harder it becomes to adjust. On the other hand, if you learn to live below your means, you'll be able to not only get by on much less in retirement, but get pleasure out of the lifestyle that comes with it.

You can't retire early if you don't have the savings to support yourself -- it's as simple as that. It therefore stands to reason that the sooner you begin saving, the better your chances of building a suitable nest egg by the time you're 57, as opposed to 67.

Of course, you should always aim to save as much of your income as possible, because the more money you sock away, the more wealth you'll accumulate. But if you give your nest egg ample time to grow, you'll get to benefit from compounding, which could really supercharge your savings.

The following table shows how well compounding might work to your advantage, based on how early you begin your savings efforts:

If You Start Saving $500 a Month at Age...

Here's What You'll Have by Age 57 (Assumes an 8% Average Annual Return)...

22

$1.03 million

27

$680,000

32

$438,000

37

$274,000

TABLE AND CALCULATIONS BY AUTHOR.

As you can see, thanks to the power of compounding, saving $6,000 a year consistently over a 35-year period will leave you with over $1 million, and at a cost of just $210,000 out of pocket. Of course, once you're older, you'll be eligible for Social Security, which you can use to pad your retirement income. But in the interim, retiring at age 57 with $1 million to your name is certainly feasible, especially if you live a relatively modest lifestyle.

Though saving money from an early age is crucial to retiring early, investing that cash wisely is just as important. In the above example, we saw that a $500 monthly contribution could grow to just over $1 million in 35 years if that money sees an average annual 8% return on investment. But that's the sort of return you're really only going to get with a stock-heavy strategy. Though stocks have historically delivered a roughly 9% yearly return, bonds, which are less volatile, haven't performed nearly as well. So while investing in bonds might be safer in theory, getting too conservative could actually wreck your chances of retiring ahead of schedule.

Imagine that instead of earning an average annual 8% return on investment, your $500 monthly contributions bring in just a 5% return. In that scenario, after 35 years, you'd have just $542,000 to work with, which is almost less than half of that $1 million that sounded great just minutes ago. Though it's natural to be wary of the stock market, you need to be willing to take some risks if you want a shot at retiring early. And if you give yourself several decades to ride out the market's ups and downs, you're more likely than not to come out ahead.

Retiring early often boils down to smart decisions and a few sacrifices. But if you're willing to make the effort, you stand a good chance of retiring at an age where you're young enough to enjoy that newfound freedom.

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Here's How to Retire Early -- The Motley Fool - Motley Fool

Posted: Aug. 13, 2017 12:01 am

The retirement planning process has been described as a "40 (or more) year journey" from the start of someone's working life in their 20s through retirement in their 60s (or beyond).

However, it is actually much longer, if you consider how long someone can live during retirement. Unlike shorter-term financial planning goals like buying a car, a house, or saving for a child's education, retirement planning can literally take place for seven or eight decades from the start to the end of someone's adult life (e.g., 20s through 80s or 90s).

Workplace retirement planning programs often target a wide swath of worker demographics ranging from recent college graduates in their 20s to soon-to-retire employees in their 50s, 60s, and beyond.

Financial objectives for each group are different, however. The focus for young adults is saving early and often, preferably with automated retirement savings plan deposits.

Other key topics for young adults are repaying student loan debt and basic investing principles to make informed retirement plan investment decisions.

For older workers, the focus of financial education efforts tends to shift to retirement income catch-up strategies, the question of "Have I saved enough money?" the mechanics of applying for retirement income benefits (e.g., Social Security and/or a pension) and making withdrawals from tax-deferred savings plans to comply with IRS required minimum distribution (RMD) regulations and to avoid outliving one's assets.

Older late savers are also often seeking creative options to stretch their retirement savings throughout their lifetime.

Planning principles

Regardless of someone's stage in life and where they are on their retirement planning journey, five retirement planning principles are timeless and apply to everyone:

First, Get Started -- Set a goal and make a savings plan. Determine your retirement savings need with a Ballpark Estimate calculation (see below) and then develop an action plan to save the required amount.

Save Early and Often -- Set up automatic savings plans through an employer and/or investment company so that deposits are made regularly (e.g., 5 percent of income every payday), regardless of stock market conditions.

Invest Part of a Raise -- When you get a raise, bonus, freelance work pay, or other increase in income, invest half of it. If your employer offers "auto escalation," sign up so that raises take effect automatically.

Don't Delay Any Further -- It's never too late to start investing for retirement. If you haven't saved anything yet for retirement, the best day to get started is today. Any retirement savings is better than none.

Stay Educated About Retirement Planning -- Changes to Social Security rules and retirement savings plans are not unusual so it is important to stay up to date via financial publications, media, social media, etc.

Helpful websites

There are many available websites that can help people with personalized retirement planning calculations and other planning tasks related to retirement planning. Below are seven examples:

Ballpark Estimate (American Savings Education Council): http://www.choosetosave.org/ballpark/

Provides a rough estimate of the amount of money that someone needs to save for retirement.

Compound Interest Calculator: http://www.moneychimp.com/calculator/compound_interest_calculator.htm

Shows what an investment deposit will grow to at a specific interest rate over a specific number of years.

Life Expectancy Calculator: http://www.northwesternmutual.com/learning-center/the-longevity-game.aspx (The Longevity Game, Northwestern Mutual Insurance)

Provides an estimated life expectancy based on personal health and lifestyle factors.

My Retirement Paycheck (National Endowment for Financial Education): http://www.myretirementpaycheck.org/

Contains information about eight key retirement decisions organized by topic (e.g., housing).

Retirement Budget Worksheet (TIAA-CREF): https://www.tiaa.org/public/pdf/advice-planning/tools-calculators/A125820_budgeting_worksheet.pdf

The worksheet is a fillable PDF and can be completed using a computer or on a printed hard copy.

Retirement Readiness Rating (EBRI): https://www.ebri.org/pdf/surveys/rcs/2000/fact8-r3quiz.pdf

An online quiz that assesses a person's financial preparation for retirement.

Will You Have Enough to Retire? (CNN Money): http://money.cnn.com/calculator/retirement/retirement-need/

Provides a personalized calculation based upon personal data (e.g., retirement age and amount saved).

Barbara O'Neill, an Andover Township resident, is extension specialist in Financial Resource Management for Rutgers Cooperative Extension. She can be reached at 848-932-9126 or oneill@aesop.rutgers.edu. She also tweets daily financial education messages on Twitter at http://twitter.com/moneytalk1.

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Planning for your retirement is a 40-year journey - New Jersey Herald

SEATTLE How beloved is Edgar Martinez in Seattle?

With his No. 11 flying high from the Space Needle and strewn throughout Safeco Field, Martinez walked from center field to a raucous applause, the current Mariners players standing and clapping in front of the dugout and chants of Edddd-gaaarrrr humming from the crowd.

To his right off I-5 was exit 164B, or E Martinez Dr. To his left was Edgars Cantina past left field, and behind him was an emblem waiting to be unveiled to signify his official jersey retirement alongside Ken Griffey Jr.s and Jackie Robinsons numbers.

All 18 years of Martinezs major league career was spent in this city. To Seattle, Martinez is just as if not more revered as Griffey. And to them, just as deserving of a place in Cooperstown.

For now, Martinezs No. 11 is officially immortalized unveiled Saturday past left-center field by his children, Alex, Jacqueline and Tessa on the same day fellow Puerto Rican Ivan Pudge Rodriguez had his jersey retired by the Texas Rangers.

Baseball, what a wonderful game, said Martinez, who is the namesake attached to MLBs top designated hitter award. Because in baseball, I met my wife, I have a wonderful family, I have all these awards, a street, number retired, I live in an area that is beautiful beautiful lakes, mountains and beautiful people.

I am blessed. When I think baseball has given me everything I have, it gives me more.

He accepted his place in Mariners history alongside many of his former teammates. There was Alvin Davis, Jamie Moyer, Dan Wilson, Jay Buhner and Ken Griffey Jr. sitting behind him. And Lou Piniella, Raul Ibanez, Randy Johnson, Mike Cameron, Harold Reynolds and Norm Charlton spoke in a video tribute.

So the Puerto Rico-born adopted Seattlite is a favorite. But he was also a heck of a baseball player.

Piniella said there wasnt a better right-handed hitter in baseball in the 90s.

And you couldnt pitch him inside.

Mike Piazza and Greg Maddux would know.

Before they were both enshrined into the Hall of Fame, Maddux was the National League starting pitcher and Piazza the catcher when Martinez came to bat in the bottom of the second inning. Piazza recalled Maddux attacking with a cutter, changeup, changeup.

And Im like, Im going to sneak one in on Edgar, Piazza said last year, sitting alongside Ken Griffey Jr. in Cooperstown a day after both received their Hall of Fame plaques.

Boom, home run. Greg is like, What did you call that for? And Im just like, Sorry, man.

Tim McCarver was the TV analyst for the game.

The purest hitter in this game from the left side Tony Gwynn. From the right side Edgar Martinez, McCarver said during the broadcast.

And of course, there was that one now-seminal inside pitch to Martinez that ended the 1995 American League Divisional Series against the New York Yankees the one that scored Joey Cora and Griffey and saved baseball in Seattle.

But that never would have happened had Martinez not mashed the ball one day earlier in a do-or-die Game 4, when he went 3 for 4 with a three-run home run and a grand slam, which broke a 6-6 tie in the eighth inning. His seven RBIs set an MLB single-game postseason record (now tied for the most with three others).

ESPN had ranked that as the 10th best postseason performance by an individual in MLB history. And it came after he won the American League batting, hitting .356 with a .479 on-base percentage. He hit .571 in the series against the Yankees.

Of players with at least six plate appearances against former Yankees closer Mariano Rivera, no one had more success against the all-time MLB saves leader than Martinez, who hit .579 against him (11 for 19 with three doubles and two home runs).

The toughest and thank God he retired Edgar Martinez, Rivera once said about the toughest hitter hes faced and the seven-time All-Star.

How about Pedro Martinez?

The toughest guy I faced I think with all due respect to all the players in the league was Edgar Martinez, Pedro Martinez said. He had to make me throw at least 13 fastballs above 95 (each time we faced). I was hard-breathing after that. Edgar was a guy that had the ability to foul off pitches, and it pissed me off because I couldnt get the guy out.

And his former teammate, Hall of Famer Randy Johnson?

Edgar Martinez is, hands down, the best hitter that Ive ever seen, Johnson said. Im glad I didnt have to face him too much. Having seen him play from 89 to all the way when I left, I got to see him a lot against great pitchers. Like I said, hands down, he is the best pure hitter that I got to see on a nightly basis. And I hope that his time comes soon, that he gets a phone all stating that hes a Hall of Fame player, because he is.

Cal Ripken Jr. thought so, too. A year after Griffeys jersey was retired here and he entered the Hall even saying in his induction speech, Yes, (Martinez) belongs in the Hall Ripken narrated a video tribute just before Martinezs speech.

As Ripken neared the end of the video, he ended with this:

Eighteen years with one team, in one city Seattle. Edgar, your baseball journey is far from over. And well be there with you when that door opens as your name echoes throughout the Hall.

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Edgar Martinez's jersey retirement renews call for Hall - The Spokesman-Review

When many people reach the age of 50 and have worked all their adult lives, they begin to think about that light at the end of the tunnel called retirement. And many of those individuals start to dream of retiring early.

A survey conducted in 2014 by the Teachers Insurance and Annuity Association of America, a financial services provider, found that 37 percent of Americans plan to retire before age 65.

When I turned 50, retirement was not in my immediate plans. I had worked almost 30 years in education to that point in my life, but only 20 years in a pension system. I figured I could weather any employment storm and wait until I was 65 which, at the time, was the age you could collect full Social Security benefits.

But other factors came into play which changed my mind about retirement. On my 52nd birthday my wife, Maria, gave me a gift certificate for massage therapy. One of the ladies she swam with in the mornings was a licensed massage therapist and sold her the certificate. Well, I put it aside and forgot about it. About a year later, I was cleaning my desk and discovered the certificate. It had recently expired. But I contacted the lady and she agreed to honor it. So I went to my first session. I was anxious at first as is the case of many who had not yet had the experience. But I came away feeling refreshed and started to think about that particular profession. It fit in with my lifestyle of being physically fit and would provide me with the opportunity to educate others, which is what I had been doing as a teacher and school administrator. So with Marias blessing, I located a school that offered the requirements for a license.

I attended the Onondaga School of Therapeutic Massage in September 2000 which was in Rochester. I attended nights and weekends (22 hours a week) for a year. Upon completion, I took the New York State Board Examination and passed it.

A year later, at age of 55, I convinced Maria it would be financially feasible for me to retire and begin to collect my pension while I established a full-time practice.

I became part of that TIAA statistic of early retirees.

When it comes to retirement, not everyone will have a choice in the matter. Job loss, health problems or family responsibilities can disrupt the best-laid retirement plans, forcing people out of the workforce sooner than expected. According to 2016 reports from the Social Security Administration, the average age at which people retire today is 63.

If youre lucky enough to have control over when you retire, its worth thinking through the pros and cons before you make any rash decisions. Even if you can afford to retire early, you might not want to.

Favoring early retirement

Here are some arguments in favor of retiring early.

It could be good for your health. A British study in 2002 of British citizens with high-level jobs saw an improvement in mental health, possibly because they were no longer subject to work-related stress.

nYoull enjoy more time for travel. The earlier you retire, the more years youll have before health issues begin to limit your mobility.

nIts an opportunity to start a new career like I did. If you dream of switching fields or starting your own business, sooner may be better than later. Youll be a more desirable job candidate to many employers the more years you have ahead of you. And if you want to be your own boss, youll have more time to get your business off the ground. A business you launch at age 60, for example, could easily keep you intellectually challenged.

Waiting to retire

Here are a few arguments against retiring early:

nIt could prove to be bad for your health. A 2008 analysis from the National Bureau of Economic Research reported that retirement leads to declines in mental health and mobility, and increases in other poor health outcomes, such as heart disease and stroke. While thats one argument for delaying retirement, those problems arent inevitable. The report also concluded that retirees who remained physically active and socially connected were less likely to suffer any ill effects.

nYour Social Security benefits will be smaller. You can calculate the difference by contacting the Social Security website. It has a calculator you can use. The sooner you start to take Social Security, the lower your benefits will be. If you were born in 1960 or later, for example, and you start taking benefits at age 62, the earliest age at which youre eligible, your monthly benefits will be 30 percent less than if you wait until age 67, which Social Security refers to as your full retirement age. For each year you postpone from age 67 to 70, youll receive an additional 8 percent in your monthly benefit. After age 70, theres no further bonus for delaying.

nYour retirement savings will have to last for more years. If you retire at age 62 and live to 90, your IRAs and other savings will have to cover you for 28 years. If you retire at 70 and live for the same length of time, however, your savings will only have to last for 20 years. Working longer also means youll have more years to contribute to a 401(k) or other retirement plan, and the money in your plan will have more time to compound.

nYoull need to find health insurance. Unless your ex-employer provides it, youll have to pay for health insurance on your own until youre eligible for Medicare at age 65.

Fortunately for me, I negotiated with my last place of employment. As part of my retirement, they agreed to cover 70 percent of my health care benefits including my family.

Making the call

If you dont want to retire early because you are afraid that youll regret the decision but also dont want to wait so long that you miss out on the pleasures of retirement, there are ways to have the best of both worlds.

For example: you could do some of the traveling youve been saving for your retirement years while youre still working. Or, you might be able to negotiate a reduced work schedule with your employer and enjoy the life of a retiree on your days off. This is referred to as phased retirement.

The bottom line is that deciding when to retire is a difficult and complex decision. It isnt just a question of money. Other factors to take into consideration are your health, family obligations and individual temperament. Perhaps most important is thinking about what you plan to do with your retirement years, however many of them lie ahead.

Lou Lombardo is a state licensed massage therapist, nationally certified and certified in orthopedic massage. For questions, comments or more information you can contact him at (585) 734-2200 or at lombardolm@aol.com.

The fork ratings are based primarily on food quality and preparation, with service and atmosphere factored into the final decision. Reviews are based on one unsolicited, unannounced visit to the restaurant.

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Healing Hands: Thinking of retirement? Consider these options - The Livingston County News

Time and again we hear people say that their biggest retirement fear is running out of money. Its an understandable concern. With increasing lifespans and higher health care costs, retirement is often longerand more expensivethan it used to be.

Planning ahead will go a long way in feeling more confident to take on a retirement that may last upwards of three decades. If youre thinking about retiring within the next few years, now is the time to get your financial ducks in a row. Here are our top tips to help ensure youre prepared.

Taking the time to think through the realities of your retirement lifestyle helps you align your values (whats most important to you) with your financial goals. If your ideal retirement consists of living in your current home, tending to your garden and volunteering at your local library, your financial needs will likely be very different from someone who seeks to spend their retirement visiting the worlds best 5-star resorts. Your financial plan should be constructed to reflect those differences in lifestyle.

We encourage you to scrutinize your employer benefits in the years leading up to retirement. Items to consider: Have you updated your 401(k) to include the Catch-up provision that allows workers 50+ to contribute an extra $6,000? Does your company offer special post-employment benefits (airline, retail discounts)? Are your employer-sponsored insurance policies portable? Are they worth the additional expense?

Over last 15 years, the S&P 500 returned 8.19 percent annually. If you invested $100,000 and earned that 8.19 percent, youd have over $325,000. The average equity investor over the same period only earned 4.67 percent, giving them $198,000 if they invested the same $100,000. Why are they underperforming? There are a number of excuses, such as loss aversion, denial and falling under the spell of media influence. We believe the best way to avoid behavioral mistakes is to offload investment management to an objective and professional third party like a financial adviser.

To avoid running out of money, its important to not only reach a savings goal, but also chart out what your spending may look like. This is where the value of a financial adviser with expertise in retirement income planning comes in. Based on your family history, health, savings, and other factors, we can help determine an appropriate time horizon and average withdrawal rate for you and we can suggest small changes that may extend your savings.

One of the surest ways to keep more of your hard-earned money is to employ tax planning. If your savings and investments arent divided into taxable, tax-deferred and tax-free categories, you probably arent minimizing your tax burden which means you could end up paying more in taxes than you really need to. Enlisting the expertise of a tax planner could help make the most of your money.

Youve worked hard for your retirement; you deserve to enjoy it. Following these five points will not only help you seek a more comfortable retirement, itll also help assuage any concerns you have about a lack of preparedness.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and may not be invested into directly.

Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of Your Money on News Radio 830 WCCO on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial.

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Your Money: Your easy 5-point retirement checklist - TwinCities.com-Pioneer Press

We hear a lot about the importance of saving for retirement, and this applies whether you're a salaried employee or the owner of a small mom-and-pop store that's been in your family for years. Yet a surprising number of small-business owners aren't preparing adequately for the future. According to Manta, one-third of small-business owners don't have a retirement savings plan in place.

If you own a small business, it's critical that you establish some sort of long-term plan, whether on your own, or with the help of a trusted financial advisor. Here are a few ways to get started.

IMAGE SOURCE: GETTY IMAGES.

Though it's not always easy to predict how much you'll wind up spending in retirement, the sooner you get a sense of how much income you'll need to stay afloat, the more accurate a goal you'll have to work toward. Since you're self-employed, your business might be offsetting some of your existing living costs. For example, you might currently be leasing your personal car for your business, or taking a home-office deduction if you conduct business out of the house. But these benefits won't be available once you're no longer generating an income, so keep them in mind as you attempt to map out your future budget.

Small business owners have several options when it comes to saving for retirement -- options that salaried workers don't have access to. The first one you might consider is the solo 401(k), which works just like a regular 401(k), only with one added benefit -- the ability to contribute up to 25% of your business earnings for a total annual limit of $54,000 if you're under 50, or $60,000 if you're 50 or older. Like a regular 401(k), solo 401(k) contributions are tax-deductible unless you opt for a Roth account, in which case you'll pay taxes now, but enjoy tax-free withdrawals in retirement.

Then there's the SIMPLE IRA, which, if you're self-employed, allows you to contribute up to $12,500 per year if you're under 50, or $15,500 per year if you're 50 or older. Furthermore, with a SIMPLE IRA, employers must make contributions on behalf of participating workers, either by matching employee contributions up to a maximum of 3% of salary, or contributing 2% of employees' salaries up to a maximum of $5,400. If you don't have many (or any) employees, a SIMPLE IRA could be an effective means of saving for retirement, but if you have a large number of people who work for you, it could get expensive.

Finally, there's the SEP IRA, which, if you're self-employed, lets you contribute up to 25% of your net business income per year, up to a maximum of $54,000. The one drawback to the SEP is that, as a small business owner, you're required to contribute the same amount to your employees' accounts as you do to your own. But if you don't have any employees and want to save in an IRA, you'll get more flexibility with a SEP than you will with a SIMPLE.

Once you figure out where you're going to put your money, your next move is to work on increasing your savings rate to give your nest egg a decent amount of time to grow. Even if you start out with relatively small contributions, by steadily increasing the amount you put into your savings plan, you'll have a good chance to make up for lost time -- especially if you're eventually able to max out a plan with a generous limit to begin with, like a Solo 401(k), or a SEP IRA.

Of course, the challenge many small-business owners face in saving for retirement is that they prefer to reinvest their earnings in their companies rather than set that money aside for the future -- so you'll need to work on striking a balance. That might involve pumping more cash into your business during its early years to build it up, and then boosting your retirement savings rate once your company is well established. Or it might mean taking advantage of years with better profits and socking away the difference for the future.

If you're a small business owner, it's critical to take retirement planning into your own hands. The sooner you begin focusing on the future, the better equipped you'll be to make smart decisions for yourself and your business in the present.

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2. Find the right retirement savings plan - Motley Fool

If you hope to build a seven-figure retirement nest egg starting from scratch in your mid-40s, you've got some heavy-duty saving ahead of you. Is it possible? Sure, theoretically. As a practical matter, though, I'd have to say that for many, if not most people in your situation, it's a long shot.

Fortunately, there's a better way for people who are getting a late start to go about preparing for retirement than shooting for a big round, but essentially arbitrary, number. I'll get to that in a minute.

But since you asked, let's first look at what you would have to do to accumulate a million bucks by the time you hit retirement.

Related: 4 questions to ask before you retire

For the purposes of this exercise, I'm going to assume you're 45, have nothing saved and would like to retire at 67, the age at which anyone born in 1960 or later becomes eligible for full Social Security benefits. That gives you 22 years to build your nest egg. If you start immediately, you would need to save about $1,875 a month to have $1 million at retirement, assuming a 6% annual return.

I think by most people's standards, $1,875 a month, or $22,500 a year, is a prodigious amount to devote to savings. If you earn $50,000 a year, you're talking about setting aside 45% of salary. Even if you pull down $100,000 a year, that's still 22.5% of earnings, well above what most people manage to save.

You can lower that monthly savings nut a bit by extending your time in the workforce. (You can also lower it by shooting for a higher rate of return, but I don't think that would be realistic or prudent.)

For example, if you're able to work to age 70 -- hardly a given, as many people find themselves forced to retire earlier than they'd planned) -- that gives you three more years to save, lowering the amount you'd have to put away each month by $400 to about $1,475, or $17,700 a year. That may be a bit more manageable, but I think most people would still find $1,475 a month a tough target to meet. Indeed, for many people it's beyond their reach.

Which brings me to that better way of preparing for retirement that I mentioned earlier. Rather than picking a number that looms large in the popular imagination and then seeing if you can save enough to hit it, you're better off doing a more comprehensive and nuanced analysis that will help you determine how much you ought to be saving for a secure retirement -- and then allow you to track your progress toward that goal.

One way to do that is to go to a good retirement income calculator, which can give you an estimate of how much of your pre-retirement income you'll need to replace to maintain something close to your standard of living once you've retired (70% to 80% is a decent estimate for starters; you can always refine that figure as you get closer to retirement). The calculator will automatically estimate the amount you'll receive from Social Security, or you can get a more customized estimate based on your work history and projected earnings by going to Social Security's Retirement Estimator.

Next, enter the percentage of salary that you think you'll be able to devote to savings each year. Don't go too easy on yourself. Remember, you've got some catching up to do. So at the very least, you'll want to try to save 15%, and 20% or more would be even better.

Whatever figure you start with, you can always build to a higher percentage by increasing your savings rate by a percentage or so each year. To the extent you can do your saving through a workplace plan like a 401(k), so much the better, as your employer may also help your effort by kicking in some matching funds. But one way or another you need to get in the habit of saving on a regular basis.

Once you've entered all this info, the calculator will use computerized Monte Carlo simulations to estimate your chances of being able to retire at the age you wish with the income you'll need. Ideally, you'd like your chances to be roughly 80% or higher.

But for someone getting a late start, they'll likely be lower, often much lower. Whatever the initial assessment, don't get discouraged. If you're diligent about saving, your retirement prospects should improve.

Related: I'm 60 with little saved -- what do I need to do to retire?

Going through this exercise won't guarantee success. But at least you'll have a plan based on your actual circumstances, not an arbitrary number. What's more, by going through this process every year or so, you'll be able to track your progress and, if you're not making enough headway, see how various adjustments -- saving more, postponing retirement a few years, spending a bit less after you retire -- may be able to boost your chances of achieving a secure retirement.

If it turns out that, despite your best efforts, you still fall short of accumulating a large-enough nest egg, there are some moves you can consider after you retire that may be able to improve your post-career life, including working part-time, downsizing, taking out a reverse mortgage or squeezing more out of your savings by relocating to an area with lower living costs.

I'm not saying this will be easy. Far from it. If you haven't been saving on a regular basis, that means your lifestyle is based on spending 100% of what you earn (aside from taxes). So shifting from saving little or nothing up to this point in your life to saving anything, let alone a sizable percentage of your salary, means you'll likely have to make some radical adjustments to the way you live.

But by setting up a plan that reflects your circumstances, monitoring your progress, investing sensibly and fine tuning when necessary will certainly give you a better shot at achieving a secure retirement than aiming at a big round number plucked from thin air.

CNNMoney (New York) First published August 9, 2017: 10:28 AM ET

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How do I retire with $1 million? - Aug. 9, 2017 - CNN Money - CNNMoney

Many people who have saved millions of dollars to retire comfortably are now scared to spend it.

A recently retired client, a woman with approximately $1 million in savings, was asked to join a group of friends on a girls' getaway vacation costing approximately $3,000. Even though she had plenty of money to take the trip, she felt uneasy because it meant breaking her lifetime habit of saving for the future. She's lived a financially disciplined life for so long that she didn't know how to handle this expense without any earnings to pay for it.

Despite sobering statistics about most Americans' lack of retirement savings, many people have done an admirable job of socking away enough money. Through a combination of disciplined savings habits, moderate lifestyles and maybe a little luck, they find themselves able to retire comfortably. For these individuals, the move from saver to spender can feel like an abandonment of all of the principles they have known for more than 30 years.

Additionally, many retirees can seem paralyzed by what I call the "what if" syndrome. Some are uncomfortable spending money unless all of the possible calamitous outcomes, regardless of how remote, are considered. They live in a prison of fear of what might happen, building a wide moat of protection around themselves and their money. In all likelihood, they will come to the end of their days with an abundance of caution, wealth and unfulfilled dreams.

More from Advice and the Advisor:7 retirement-planning mistakes to avoidHow to avoid costly 401(k) rollover mistakes7 ways to make sure you don't outlive your savings

Yet retirees do not have to be undisciplined in their approach to money or live irresponsibly to enjoy their retirement years to the fullest. Here are some steps that people can take to have a fulfilling retirement while staying true to who they are.

Retirement spending requires discipline. Start by understanding what is important to you so you can make wise decisions. What inspires you? What relationships are the most fulfilling? What brings you joy? Over my nearly 20 years' working with clients, most answers revolve around a combination of family relationships, ongoing personal growth, making an impact in the world and leisure activities.

Take time to think about personal goals, the legacy you'd like to leave your family and how to enjoy the second half of your life. This exercise will help you put a finer point on your retirement cash-flow planning.

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Now that you're finally retired, don't be afraid to spend money - CNBC

NerdWallet Published 10:00 a.m. ET Aug. 8, 2017

Millennials, this is how you can fix your YOLO financial mindset. USA TODAY

At the risk of sounding like a Facebook friend trying to fold you into my latest direct sales venture: Early retirement is possible.

If you read the Internet, you might already know this is true. Its been done; in fact, retirement at age 30 or 40 has become a trend of sorts, largely led by financial bloggers. But you might not know what it takes. Do you need a blog? To live with your parents for the next 10 or 15 years? To join a direct sales company yourself and pitch life-changing leggings, essential oils or protein shakes?

The answers are pretty much across-the-board maybes. Retiring at a young age takes a commitment; how you make that commitment can vary. One thing you need for sure: money. Heres how to figure out how much, where to find it and what to do with it.

When youre sweating your way through another nine to five, sitting around watching Real World reruns sounds pretty ideal. After a few days of watching drunken teenage fights, you might find those reruns arent as fulfilling as you expected.

Retirement means something a little different to everyone, so the first stop on the early retirement journey is to figure out what youre after. If your goal really is to lounge for 50 or 60 years, no judgment here but youre going to need more money. If your goal is to travel work-free, you probably need even more.

More: Here's what Social Security pays the average American

On the other hand, you might be looking for something a little less drastic. Maybe you still plan to work but on your own terms, or you want to travel but plan to pick up work at each stop. In that case, you may be able to retire on less because youll have a continued source of income.

Knowing how you plan to spend retirement will give you an idea of how much of your current income you need to replace.

The general retirement rule of thumb is to replace 80% of your pre-retirement income. That 20% reduction accounts for payroll taxes youll no longer have to pay and the 10% to 15% of your income you were presumably saving for retirement. Early retirement shakes up that math. As youll find out in a minute, youll need to save much, much more pre-retirement, which means youll be accustomed to living on much less than 80% of your income.

Lets say youre 25 now, earn $50,000 a year and want to retire by age 40. According to NerdWallets retirement calculator, you can do that if youre willing, and able, to save 48% of your income for the next 15 years. That will give you roughly $1,333 a month in retirement, which is your current income adjusted down for taxes, savings and those general work-related expenses that will disappear.

More: 5 top habits of the best retirement savers

If youre doing one of those half laughing-half crying things right now, you might want to adjust your plans push out that retirement age a little bit or plan to continue bringing in some kind of income in retirement.

In other words, brush off your blogging skills. Everyone loves a good early retirement story.

Saving 15% of your income is hard. Saving close to half of it is a different game entirely. It requires major cuts to your spending.

To make those cuts, start with the big things. Can you lower your rent or mortgage payments by refinancing or moving or, yes, living with your parents, though be sure they understand the impact of a long-term houseguest on their own retirement. Can you trade in your car for a cheaper version that still gets you from point A to point B?

Then look at smaller, recurring expenses. The cable goes. (I did this and found it completely painless, thanks mostly to the Bravo app.) The internet speed gets downgraded. Running outside replaces the gym. Any debt that can be refinanced student loans, credit card balance transfers should be. And yes, you will probably never eat avocado toast or drink a latte again.

We are living in a time when its relatively easy to pull in money on the side. There are those direct sales jobs mentioned earlier, though the jury is out on how much they actually bring in for the people at the bottom of the pyramid. There are side gigs like renting out a room on Airbnb, dog sitting through a site like Rover, folding laundry via TaskRabbit or freelancing on Upwork.

More: Her parents taught her to save, now she plans to retire at 40

Also, consider whether youre being paid fairly at your day job and if the time is right to ask for a raise or to start shopping around for a company that pays more. No matter how the money comes in, the more you earn, the more you save. Every extra dollar goes toward retirement.

Finally, you need to make the most of the money you save. That means putting it into your 401(k), if your employer offers a match, so you can grab that free money. If you dont have a 401(k), max out an individual retirement account like a Roth IRA, then shovel money into brokerage accounts.

It also means investing. Millennials seem loath to jump into the stock market, but doing so is the way to build real wealth. A recent NerdWallet analysis found that avoiding the market could lead to $3.3 million in lost retirement savings over 40 years. Over a shorter time horizon, that number would be smaller but still significant.

More on retirement

This article was written by NerdWallet and was originally published by Forbes.

The article Millennials, Heres How to Retire By 40 originally appeared on NerdWallet.

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