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Why work so long?
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<blockquote data-quote="clean hairy" data-source="post: 1505129" data-attributes="member: 55223"><p>One money guy I listen to may have said it well.</p><p>"Too many folks chase a number, once they reach that number, say $1 mil, they will then retire. Too many times, they never reach that number they are chasing and never do get to retire"</p><p>As he explained it, say a person is chasing $1mil.</p><p>Suppose their 401k is worth $300,000 and due to the economy it drops to $200k.Now, they figure they have to keep working to make up the $100k drop in the value of the 401k.</p><p>The advice this financial guy gave, is retire when you feel financially able to, and do not let a number prevent you from retiring.</p><p>Hope I explained it half as good the money talk guy.</p><p>Now, 1 friend I know said his 401k dropped by 40% due to economic downturn so he would have to work several more years to make up for the shortfall.</p><p>I tried to explain to him, but he has his goals, and I cannot fault him for it.</p></blockquote><p></p>
[QUOTE="clean hairy, post: 1505129, member: 55223"] One money guy I listen to may have said it well. "Too many folks chase a number, once they reach that number, say $1 mil, they will then retire. Too many times, they never reach that number they are chasing and never do get to retire" As he explained it, say a person is chasing $1mil. Suppose their 401k is worth $300,000 and due to the economy it drops to $200k.Now, they figure they have to keep working to make up the $100k drop in the value of the 401k. The advice this financial guy gave, is retire when you feel financially able to, and do not let a number prevent you from retiring. Hope I explained it half as good the money talk guy. Now, 1 friend I know said his 401k dropped by 40% due to economic downturn so he would have to work several more years to make up for the shortfall. I tried to explain to him, but he has his goals, and I cannot fault him for it. [/QUOTE]
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Why work so long?
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