Retirement Expenses

  • Here's an article that you'll find interesting. It's title "Seniors' Incomes In 47 States Don't Go Far Enough" tells most of the story. The study is based on the widely used rule that retirees will need 70% of their preretirement income after they retire. Using that formula they compared median income for seniors.

     

    I know that many financial planners do not use that 70% estimate any more. Retiree lifestyles vary so much that you shouldn't use an average. Rather you need to take your lifestyle into consideration when you estimate how much income you'll need in retirement. That will give you a much better idea of what you'll need. It also might spur you to save a bit more now while there's still time!

     

    Keep on Stretching those Dollars!
    Gary


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