Final answer:
The retirement savings statement lacks a Measurable aspect, as it does not specify the amount to be saved from each paycheck or the overall savings goal. A Specific and Time-bound approach is also required to create an effective retirement savings plan.
Step-by-step explanation:
The statement you provided regarding saving money for retirement is missing a Measurable aspect of a SMART goal. While it is great that you plan to save for retirement over the next forty years, it is important to know how much money you aim to save and how you will track your progress towards this goal. You would need to specify the amount you plan to save from each paycheck and ideally also consider setting milestones for savings over certain periods (e.g., every 5 years) to ensure you are on track.
A Specific goal would outline a precise amount to save from each paycheck or a total savings amount, and the goal should be Time-bound, with a clear deadline or time frame rather than an open-ended 'over the next forty years'.
Once you have made your goal specific and measurable, you can create an action plan that includes steps on how to save that specific amount and by when to achieve your retirement savings goal effectively.