How do you avoid that fate? First, become a student of the retirement savings process. Learn how Social Security and Medicare work, and what you might expect from them in terms of savings and benefits. Then, figure out how much you think you'll need to live comfortably after your nine-to-five days are over. Based on that, arrive at a savings goal and develop a plan to get to the sum you need by the time you need it.
Start as early as possible. Retirement may seem a long way away, but when it comes to saving for it, the days dwindle down to a precious few, and any delay costs more in the long run. Accessed March 5, Fidelity Investments. Business Wire. Internal Revenue Service. Government Accountability Office. Economic Policy Institute. Transamerica Center for Retirement Studies.
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If you're saving for retirement, start by estimating how much you expect to spend each year once you retire. This number may be more or less than you're spending now, so really think about how your expenses will change in retirement. If you simply wing it here, you might end up saving less than you need. Next, run your numbers through a retirement calculator to get an idea of how much you should aim to save by retirement age, as well as what you should sock away each month until then.
If you find that you need to supercharge your savings to catch up, you have a few options. You can either comb through your budget to make cuts wherever possible, you can pick up an extra job and put all your earnings toward your savings, or you can adjust your retirement expectations so you can live on less. If you're seriously behind on your savings, you might need to take advantage of more than one of these options to ensure you're as prepared as possible for retirement.
Regardless of how you choose to prepare, it's vital to have some sort of plan. Saving what you can and hoping for the best isn't a viable option, and you may not be able to rely on Social Security benefits as much as you think. Your personal savings will likely need to provide the bulk of your income in retirement, so the more you're able to save, the more comfortable your later years will be.
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What's the median net worth in America? How worried are Americans about their financial future? How many Americans say they'll never retire? Working past retirement age has unfortunately become a reality for many seniors.
Saving money should be a priority for everyone but as evidenced by the statistics we found, it's not necessarily a cakewalk. Sometimes it's as simple as cutting out that daily latte but for other Americans, their financial reality presents some much bigger obstacles.
Gallup Federal Reserve Bank of St. Louis Bankrate Interest. Rebecca Lake is a journalist at CreditDonkey, a personal finance comparison and reviews website. Write to Rebecca Lake at rebecca creditdonkey.
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We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do. These facts are incredibly depressing.
If one thing there is one thing I have learned in life, it is not to value the materialistic things so much. Grow up, raise a family if you want, but always live well under your means. Save as much money as cost of living permits and treat yourself once in a while, but always keep your eyes on the prize--the experience of life itself. There is a lot to be learned and experience that is relatively inexpensive compared to material excess and keeping up with the Joneses. When I was a kid I always wanted the newest things but I have come to live a much more fulfilling life and happy one without them.
For thousands of years humans have lived without the newest iPhone, tesla cars and things like video games. Live in moderation and enjoy yourself sometimes, but as I said, always try to live within or under your means. Comments may be filtered for language. CreditDonkey makes no guarantee of comments' factual accuracy. These responses are not provided or commissioned by bank advertisers. Responses have not been reviewed, approved or otherwise endorsed by bank advertisers.
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