I was talking with a young couple the other week regarding their retirement investment selection in their 401(k) plan. They both had selected choices based upon their retirement age. They will hit that age in 2050. If you aren’t retiring for 30 years, that might seem like a good choice. But what does that year really mean when it comes to investing for retirement? This type of investment approach is typically referred to as a target-date strategy.
Focusing on income, rather than savings, is important