So in the spirit of "Trading Places" where the Jamie Lee Curtis character, Ophelia (the hooker), tells Winthorpe she has $42000 grand, all in T-Bills, and after 3 more years on my back , I'll have enough to retire".   That was 1983, and of course T-Bills rates were a lot higher! But still it's very dated, and seems quaint compared to today's needs.

https://www.youtube.com/watch?v=w6ccpjslzNY

How much do you need to retire?

Do you have a financial planner?

How do you invest now?

The 3% rule has been used for many years and is considered bulletproof by most finance standards. Its also easy to figure  out. 3% of a million dollars will supply you with $30,000 per year for the rest of your life with little chance of running out of money. So just figure out how much you need per year and figure 3% and you know how much to save. Be prepared many will say this makes no sense because OF BLANK. Blank usually means the poster is not prepared for retirement. Many will say they make 20% or more per year and 3% is stupid. Retirement is a long term thing and you need to prepare for good years and bad over a 30 + year window.  Google 3% retirement rule  !!!!      

Maybe some providers love their ability to be energy healers & have no plans to retire. Spreading love until I die. If love what you do you never work a day in your life. Passion.  

I’ve had the deed to my home & retired, but returned because I love the thrill this hobby lifestyle provides. Boring retired life. If you have children can you ever really afford to retire? Lol Smile for me! Xoxo

In general. the answers will be similar.
http://www.fidelity.com/viewpoints/retirement/how-much-do-i-need-to-retire
"Key takeaways:
* Fidelity's guideline: Aim to save at least 1x your salary by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67.
* Factors that will impact your personal savings goal include the age you plan to retire and the lifestyle you hope to have in retirement.
* If you're behind, don't fret. There are ways to catch up. The key is to take action."

I suppose it's possible some providers love being energy healers, spreading love until they die. Anything is possible.

  Everyone needs a purpose in life, and a reason to get up in the morning.  

  My base case is that a provider will make "x" Net dollars per year for a given amount of their working life. Plug in the number, and go from there .  Presumably a retirement would mean getting involved in Botany, the Arts and Music, volunteering , etc.....some community based activities and being a good citizen, right?

Being in the industry, I can only say:  "it depends"

Most of my clients have investment accounts with me, which they are not depending on for their retirements.  Over the years, those that DO need retirement advice for the most part have not taken it.  They always insisted that they needed to pay for some relatives' college, debts....HAD to HAVE that new xxxxxx.....NEEDED to upgrade their car or house....etc
All I can do is document the conversation and move on.  

Basically, most do NOT save enough and carry debt....and continue to ADD to that debt  

The most obnoxious advice I have heard are those insisting that since interest rates are xxx% that you're better off carrying that HUGE mortgage while investing the rest.  That is a false assumption, because "it depends"

I paid off my mortgage because I have seen how many times (in this day and age of algorithms tanking the markets due to a "fart" in the news somewhere that it picked up.  Market will take months to create gains, and then a computer algorithm reads that the FED "might" do this or that....and 6 months of gains gets evaporated in the first 30 mins of trading.  In other words, the wife is happier and less stressed.

If one has a nice steady cash flow, then more power to you.  But I have seen that most of my clients who have paid off their mortgages sleep better at night, less stress, and are generally happier and less stingy/cheap.  They don't have that 3k-4k-5k+ due each month.  

It depends.....  

If you use an advisor/planner....make sure that they listen to your concerns..... and set up a strategy that is achievable for you.  What good is an ambitious plan that you'll fail to follow after 3 months?

How does it apply to our hobby?
Many providers have no way of "proving their income", thus will rent "forever" because what bank will take that risk on you?  Find some way to become some sort of "consultant for whatever.

Interest rates are showing that we probably have peaked.  With today's world, too much is dependent on 401k's, since traditional pensions are gone.  There is inordinate pressure to let the investment markets fund our future retirements.  Unfortunately, the no commission sites only have encouraged a "gambling mentality".  Remember that poor 20 yr old who committed suicide because Robinhood has no advisors/customer service to tell him that he was only down ~$3k, not $750k, that he thought he was?  Free isn't free......  

A well-known gal in the DC area used to actually have a RV massage biz and I always told her that she should be a design consultant, as her place always looked like a high end model condo.  Longtimers probably know who I am talking about..... She was able to show "income" in a legitimate way.  

"It's the good advice, that you just didn't take"

It sounds like there's an Ozark spin-off here  A need to launder the money.  

I concur, paying off the mortgage makes a ton of sense.  The basic problem with the entire country, too much debt. Buy the home for cash.

The latest craze in the market is "ODTE", one dat to expiration options. This too will end badly.  When the futures trade like a meme stock, it's bound to lead to serious repercussions.

Best advice I ever received - pay off your house as soon as you can! I paid off my dream house when I was 34. Still own it today (plus 3 others). I knew that if times went bad I could pay the property taxes, utilities, and HOA by working at a burger joint. Life was worry free after that. I could take business and investment risks without worrying about how to keep a roof over my head. IMO it's better to have a nice house paid off than to constantly upgrade to a larger, nicer home and have an ever increasing mortgage. Just my $0.02, but it worked well for me.

Makes no difference what field you work in - retirement is retirement although ladies in this business would be wise to show at least some income "on the books" for SS credit at least.

 
I know a really well-known lady who only started in this business three years ago and isn't planning on hanging around for much more than another two years. She has an investment adviser and is being smart with her income and investments.  
It's essential to have some kind of plan.

 
I have also run into a few older women in the business who have no plan and no idea when they will stop working or if they ever can. It's sad.

Everyone needs a retirement plan, a Plan B.  

A consulting business of some kind to show income seems like a good idea.

I am single.. I don't want kids, I don't have kids.. When I accumulate $4 of net worth after paying taxes and all, that would be good for me to last 30 yrs..  That's it.. I am done working. Sell the business and retire to Florida.  

 
I am gonna drink all day long, and fuck bitches at night..  Travel to Vegas and drink more and fuck more bitches...

 
It be a jolly good life..

Ok, until your health goes down and you'll be in a nursing home drooling all over with no family to wipe it up.
Maybe "bubba" will do it for ya

.....after using you for a play-toy!  

relax...since you're making light banter.... I had to throw this in

Yeah no one knows how their last days are going to play out... Maybe I will end up being bubba's bitch in my last days, or will die suddenly of an heart attack or brain aneurism like some of my family members.. Or I will be gunned down at the grocery store by some kid trying to have some "fun" with his AR-15. Who knows..  

 
Until then I am fuckin' bitches and taking names...

what her retirement plan is because she may say she has her eye on YOU for retirement.  This happened to me once, and I will never ask again.  

Until about 8 months ago, paying off the mortgage was good advice, but like all things, it should carry the warning of “it Depends”.  If you can pay off your port gage at the minimum required payment, then do it.  But paying extra principle to pay off early might not be the best answer.
Finances have changed dramatically recently.  Mortgage rates are no longer ~3%… they’re about 2x that rate.  There numerous good quality stocks paying 4% + dividends, and good quality REIT’s paying even more.
Basic math says it’s probably better investing excess money than using it to pay off your mortgage (yes, specific tax situations might change this).  But it’s no longer the simple answer it might have been a year or 2 ago.