John: Hi Mary, how are you doing today?
Mary: Hi John, I'm good, thanks! I've been thinking a lot about retirement lately. How about you?
John: Funny you mention that. I've been thinking about it too. At what age do you plan to retire?
Mary: I'm hoping to retire by 65. What about you?
John: I’m aiming for 67. I want to make sure I have enough saved up. What types of retirement accounts do you have?
Mary: I have a 401(k) through work, and I also opened an IRA. What about you?
John: I have a 401(k) too, and I've been contributing to a Roth IRA as well. How much do you think you need to save for a comfortable retirement?
Mary: I've read that you should aim for about 70-80% of your pre-retirement income annually. So, I'm thinking around a million dollars. What do you think?
John: That sounds about right. I’ve been aiming for a bit more, around 1.5 million, just to be safe. Are you planning to rely on social security as well?
Mary: Yes, but I know it might not be enough on its own. That’s why I’m focusing on my 401(k) and IRA contributions. Do you feel the same?
John: Absolutely. Social security is more like a safety net. I'm trying to max out my contributions to my retirement accounts each year. Have you considered any other investments?
Mary: I have some stocks and bonds, but I mostly focus on my retirement accounts. How about you?
John: I’m the same. I want to make sure my main retirement funds are solid. Well, it sounds like we’re on the right track. Let’s hope all this planning pays off!
Mary: Definitely! It’s good to talk about it. Thanks for the chat, John!
John: Anytime, Mary. Good luck with your planning!
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