We didn’t get too deep into the conversation with my friends. I don’t want to come off like an authority on the subject, even if I secretly am.
I don’t know exactly what this dual-physician couple knows or doesn’t know regarding their own finances, but I think it’s best for anyone who doesn’t want to work indefinitely to know the following:
It’s difficult to Mapquest directions to your destination if you don’t know your starting point.
I track my spending via Mint.com and I don’t give a rip if you sign up or not, because there’s nothing in it for me. But it does mostly automate the process.
Use your knowledge of your current annual spending to estimate your spending needs in retirement.
Transparency is one of the buzzwords of the 2010s and it’s imperative that you know what your total investment fees actually are.
Know where to go when you have a question, and read a personal finance book or two.