I think I am prepared for retirement. For me, its all about diversity. No one method will cover all my bases.
My parents gave me a head start by leaving me an IRA that, if left alone, will reach a million by the time I retire (so says my financial advisor). So I have not touched it. Though the stock market has wrecked havoc on it this past year.
In addition I have invested in myself and got a masters degree, so hopefully I will always be employable.
I am actively planning to buy a forever house soon,and trying to do it smartly so that I will have it paid off ASAP (ASAP in my book is by the time I retire).
And I plan to enter retirement with zero debt so that my monthly allowance will cover my spending habits.
At some point I need to be pro-active and plan for the costs of nursing homes, medical costs, ect that are associated with high costs of being in the retirement age bracket.
I will contribute to any work 401k s that are available to me and actively monitor those. (I have a feeling I will be changing jobs frequently, I have an artists mentality)
And I plan to help achieve world peace. Thats my gameplan. Am I all set? no. I'm sure something will happen and I will be living in my childs 1 bedroom apartment moaning "where did I go wrong?"
Having a child. I dont have one of those yet, but I have not planned appropriately for one. I bet that will cost me a bundle. I dont have any room in my financial plan for a kid, and have just discovered a large hole in my gameplan.
Darn it.