An interesting interview by Walter Updegrave with Henry "Bud" Hebler about retiring rich. Mr. Hebler runs the website AnalyzeNow.com.
Mr. Hebler addresses some myths about retirement. The first being that your spending will decrease as you age. I absolutely agree with this, I don't think my parents have cut back that much. Also how hard is it to go and have takeout or eat out instead of cook? Go to the theater, join more activities like golfing, ballroom dance, etc.
He suggests buying an annuity immediately. I'm not sure I agree with this. However, I assume he suggests this because many people are not financially savvy and probably cannot invest their nest egg well. I would suggest a simple retirement portfolio using vanguard index funds because it's cheaper. But obviously again my parents fall into this category. And since they refuse help, perhaps an annuity is better.
I agree that you can't forsee all possible events. And people should set aside money for these unforseen events. Finally, he suggested that 10% used to be enough to save for retirement. Now he says 15-20% is more required because people don't have pensions.
I agree with that fully. Another thing people fail to realize is previously employers provided healthcare after retirement. Not anymore. Now people have to pay more medical after retirement. And this is expensive and costs are rising quickly.
But overall a neat, concise interview. Enjoy.