Do I Need $1 Million To Retire Comfortably?

Question: Do I need $1 million to retire comfortably?

Answer: Imagine a world free of alarm clocks, bosses, long commutes, office politics and limited vacation time. Wouldn?t it be nice to call the shots, spend more time with your family and friends, doing only those things that you're passionate about? You can have that life today and you don?t need $1 million!

While accumulating a seven figure portfolio is a goal for many baby boomers, it isn?t the end all be all. It really all depends on the kind of lifestyle you desire. Unfortunately, people are always coming to me and wanting to make retirement lifestyle choices and decisions based upon their age, their income or the size of their portfolio. This is a gigantic mistake! Instead, you really need to make lifestyle decisions based upon what you really want to do, regardless of your age, income, and the size of your portfolio.

Let me ask you: if money and health were no issue, how would you spend your time? If money wasn?t an issue, would you continue doing what you're doing? What types of activities would you participate in that you're not now? Who would you participate with? What is your greatest passion? If you're not doing this, what is holding you back?

I'm a firm believer that your life should be about playing and fun. The activities you participate in, including your work, should provide satisfaction and fulfillment. More importantly, the work and activities you participate in should be things you're passionate about and things that energize you! Having $1 million or more is nice, but it isn?t a necessity.

Bill's Bottom-line: Your happiness is a currency more valuable than money.

? 2007 Bill Losey, CFP?, CSA

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Economic Recession In America-where Do We Go From Here?

I think we can all agree the economy is getting worse. The Government does want to use the word recession but we are not all stupid we are already in one. The Government is just sitting there watching it happen with no real answer for the American people.

Let's take a look at this for a moment.

The dollar is free falling into being worthless around the world and here in the US. Inflation is skyrocketing every week it seems. Gas prices are at an all time high along with everything else and paychecks are not going up to keep up with the rising cost of living. So I guess things are not too bad if you enjoy being broke.

Basically things are going to get much worse before they start getting any better. The little stimulus package is definitely not going to work. It is a short sighted solution just to pacify the American people. Although I won?t complain I'll take the money. The federal Reserve is too busy bailing out big financial institutions. Thanks Washington that really helps. The housing market is going to take years to rebound along with the economy.

I was watching the Charlie Rose show the other day and the guest was a former Secretary of State and what he was saying was and I quote 'social Security will be bankrupt in 10 years.? I know people who work for Social Security and it is already struggling to keep up, it probably won?t even last 10 years. The system is paying out more money than it is bringing in. This is business 101 you don?t spend more than you make you go broke, no business would last. Unfortunately this is what our Government has been doing for years and we will be left with a broken down system.

So just think the cost of living is skyrocketing the social systems will be broke. Where does that leave us, in a real bad situation. I know it all sounds pessimistic but it is the truth. I think we all need to face that truth and start doing something about it. It is time to be proactive not reactive. By the time you become reactive it may be too late.

The real question now is what do you do about your financial situation? Well you can?t rely on the Government because they are to busy trying to hold on to their power and prestige which is also fading. You are now going to have to fend for yourself and take care of your own financial fitness.

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