I agree that the media and organizations in the “retirement business” — mutual funds, insurance companies, real estate developers, and the like — have instilled in consumers the idea that retirement is going to cost a bundle. This is because they are marketing a "dream retirement" that few will actually be able to afford.

The ultra-high standards of living that people achieve today using credit cards and other types of credit are based on the assumption that they will have an unlimited future during which they’ll tighten their belts and pay all the borrowed money back. Unfortunately, people can't carry this lifestyle into retirement unless they become rich, and that’s unlikely.

The secret to a successful retirement is to find a retirement lifestyle that fits your budget. The fact is that most people will discover that their post-retirement lifestyle must be less extravagant that their pre-retirement lifestyle. That's not necessarily a bad thing, however. It might do Americans and the planet some good if we all consumed less.

Jonathan Edelfelt
Author of Who Said You Need Millions? Retirement Strategies for the Rest of Us
www.WhoSaidYouNeedMillions.com