If your excuse for neglecting your retirement savings is that you don’t really need that much money to be happy or you expect your cost of living to drastically decrease, you could be setting yourself up for a big disappointment when you finally say goodbye to the paycheck.
Consider the effects of inflation and any changes in your spending habits in the next few decades — if you plan on traveling, moving to a new home, or even relocating, it’s likely that you will need extra funds to make those dreams come to life. And, consider that your mortgage may not be paid off or you acquire a new mortgage. In 2016, the most recent year of available statistics, housing accounted for 36.5 percent of average annual expenditures at age 75, according to the U.S. Bureau of Labor Statistics. That’s a significant number, no matter where you live.
The round of tariffs imposed on some $200 billion worth of goods imported from China…
Although inflation can increase costs of food, household items, electronics and even travel, demand for…
American shoppers are going gray. Chalk it up to aging baby boomers born between 1946…
12 Things That Cost Less Today Than in the 1900s The good old days may…
Nobody wants to be thought a cheapskate. But, at times, it makes good financial sense…
This major milestone can be attained It’s not a magic number, but when your 401(k)…