Joe Hearn's Blog

Paging Dr. Obvious.

I had an epiphany of sorts last night.  At the risk of sounding obvious, you have a much greater chance of accomplishing a goal if you know exactly what it is you want to do.  Someone committed to going to Harvard has a much greater chance of ending up there than does someone who just wants to go to college.  Someone committed to climbing Mount Everest is much more likely to reach the summit than someone who just wants to climb mountains.  Apply this to your retirement planning.  Do you want to "save for retirement" or do you have a specific goal in mind.  Do you want to "retire as soon as possible" or do you have a specific date in mind.  Do you want to "travel" or do you have specific destinations in mind.  Being specific allows you to aim at the target.  Not surprisingly, aiming at the target improves your chances of hitting it.

Good news (sort of).

Last week the government reported that the average life expectancy hit an all-time high of 77. 6 years.  Most people would consider this to be good news. 

Unfortunately, all those extra years still come at the end (when you're unemployed).  What if, instead of "U.S. Life Expectancy Hits All-Time High" the report was titled "Many Americans Aren't Saving Enough And Will Die Penniless Wards of the State."  Still good news?  Retirement is long and getting longer.  Save early.  Save often.