Why do we invest?

[Rich Weese]

In most instances, I would assume it is for two reasons. To generate passive income which will help eliminate the need to work and to help with our retirement.

Normally about this time of year, various magazines come out with an article that in my opinion is ridiculous about how much it is going to take for you to retire comfortably. There are many on bigger pockets that are probably already retired and would find those articles silly.

Having been retired for some time and running around in circles of other retired people, I have some definite thoughts on this area. I'm going to use some specific examples which hopefully will contradict what these magazine articles normally post and give each individual more hope for enjoying their retirement somewhere down the line.

Retirement can look much different to various people and I would love to have some additional input from those that are retired or possibly are preparing for retirement with an actual plan. This should encourage you even with possible troubles in the future. We all know the median income is lowering and when you find yourself unemployed and then reemployed, the majority of the time the new job pays less than the old job. Even if you are still young, I would encourage everyone to try and plan or strategize what their retirement will look like and how they will pay for it, and don't plan on too much from Social Security.

There are other threads on bigger pockets about the subject but I would really like some additional input from those that have either given thought to retirement or find themselves retired. Thanks. Rich

[Chris L.]

I set a goal to become Financially Independent as opposed to simply setting a retirement date. I define Financial Independence as the time when your passive income meets or exceeds your required expenses.
I achieved that goal 10 yrs ago (age 41). Although I had done an excellent job of planning for financial independence, I did not have a plan for what came next. I felt like the proverbial dog who chases cars and finally caught one and had no idea of what to do next.
I served another 8 yrs in the Air Force after achieving financial independence before I finally retired. It is really a nice feeling when you go to work because you want to and not because you have to.
When I retired from the Air Force, I still had not developed a good "what's next plan."
It was nice to slow down for a while but I eventually started two more businesses to go along with our real estate businesses.
It took a little time but I now have a very nice blend of free time and productive activity.
My advice is to spend some time contemplating how you are going to spend your "post financial independence time."
Good luck on your journey.