In her book, The Savage Number, Terry Savage mentions these ten questions you should ask yourself if you are planning for retirement:
1. How long will I live?
2. What will inflation do to the value of my savings?
3. How can I save enough?
4. How should I invest the money I’ve saved for retirement?
5. How much will I spend to live in retirement?
6. How much can I withdraw each month without running out of money?
7. What’s the biggest danger to my retirement plans?
8. How can I earn money during retirement?
9. How can I retain control of my financial life?
10. What if I have money leftover when I die?
I think each person or couple should approach these questions like a business plan and write out a response for each question and keep their “retirement plan” with their financial plan. I plan to dedicate more time to retirement planning once I get my feet back on the ground.