Carolyn - Good advice,a nd it's a good thing for everyone to think about, the earlier the better. Bur when we're in our 20s and 30s and maybe 40s we don't think about being old, and how we'll manage. Get thinking! Right now!

HelpMePayOffMyDebt - I also through in 4% rule.  Let's say I have one million dollars for retirement (for the sake of keeping things easy) well, that means that each year I should get about $40,000 off of interest.  That would be my target to living expenses number.  If I can stay at or around that figure, I would be able to live off that million dollars for a very long time, while inflation and unforeseen circumstance will chip away at it, the bulk of the money will remain.