I know this may sound like a radical idea, but this recession is unforgiving to people and retirement has become a mirage for most of the older folks. For one I don’t believe in retirement since we all work till we die so retirement is like you are waiting to die. Furthermore if I am going to do something and wait for retirement to do then either I won’t be able to do (because of time constraints and money) or my health may not be as great to do the kind of stuff I would like to do.
Since people’s finances have gone down the drain and you can expect the tax rates to go up along with the prices so all bets are off regarding how much you need for retirement. You may be advised you need certain amount of money but you can get way off the mark if the events in the future unfold not according to your expectations. So according to my opinions, free up some time to think about things that you would like to do when you retire and start working on it (in terms of time, money, effort) because now is the best time to work on things not when you are suppose to retire (if there is such a thing).