When do you want to retire? Where will you live? What kind of lifestyle are you envisioning? The answers—which may change over time and as you get closer to retirement— will impact your retirement strategy decisions.
For example, if your goal is to retire early and do lots of traveling, you’ll want a bigger income stream. You may need to save more now and increase your potential for higher returns by taking a more aggressive investment approach. But if current lifestyle responsibilities are limiting how much you can contribute or keeping you from taking on more investment risk, you may need to rethink your retirement age and lifestyle expectations. It’s about finding a balance between your future goals and your current financial situation. You’re in control because you can continually refine your choices from both ends of the journey.