3 Things You Should Know About Retirement, No Matter Your Age

You don’t have to believe the rumors about retirement: It doesn’t have to happen when you turn 65. It doesn’t have to mean the end of your working days. It doesn’t require moving to Florida. Just as there are many ways to retire, so are there different ways to save for retirement. can be an untouchable pile of money in a diversified account—but it can be many other things, too.  

In a week’s worth of reporting on how to save for retirement at any age, here are three universal truths we heard from our experts.

The term is confusing enough. 

Don’t mistake retirement for a very long vacation that you’ve budgeted for. (It’s Not dollars in the bank divided by the number of years you think you’ll live = your annual allowance.) While you may still require income, your savings will provide it. “Understand the underlying mechanisms for how retirement works in very broad strokes,” says Paco De Leon, author of Finance for the People: How to Get a Hands-On Approach to Your Finances. Many people consider saving for retirement as investing a portion over a long period of income and eventually generating enough revenue to support their lifestyle. “Do your best to stay consistent,” she says, “and if you can, enjoy the damn ride.”

You (yes! you!) Expert assistance could be of benefit to you.

You might think certified financial planners are reserved for the same people who hire butlers and personal umbrella holders, but that’s not the case. “A financial planner [can] help you navigate your financial goals,” says Zaneilia Harris, of Harris & Harris Wealth Management in the D.C. area and author of Finance ’n Stilettos.She can also decipher complex terms and documents (Liquidity, trusts, and bonds, my goodness!) and help guide your priorities as you consider your finances different life stages, whether you’re buying a home or deciding how to save for retirement. A conversation around how to save for retirement will involve “reviewing your current expenses, anticipated retirement expenses, reviewing what you are saving and what you have saved, your investment selections—all to see if you are on the right track with achieving the lifestyle you desire when you retire,” Harris says. “If Not, your financial planner can help you map out a plan hopefully to meet your retirement goals.”

You’re notOut of time!

“A lot of older people think talking retirement is [for] young people,” says Bola Sokunbi, author of the Clever Girl Finance books. “They think, ‘I have no time. Woe is me!’ But you can start to save at any point. Retirement is not a one-day event. Even if you reach 65, there are still many years to live. You can still grow your wealth. You can [still] earn money.” Instead of making retirement the endpoint, “you can think of it as an opportunity.”