Planning for retirement expenses is not an easy feat for most Americans between the ages of 20-40. The challenges of current life take up most of their time and there’s none left to think about the future. Financing retirement expenses may not be at the top of the to-do list, and most Americans don’t start to think about retirement expenses until their early to mid-50s. However, if all of us would take some time to stop and think about retirement, these habits may mirror our lifestyles today more than we think.
Income and Expenses
Many Americans target about 70-80 percent of their preretirement income as the amount they will need to retire comfortably. However, 70-80 percent of a person’s current salary may represent 100 percent of their expenses today. Therefore, planning for retirement must include how to turn a current salary that pays for expenses into 100 percent income during retirement. Think about how to save and what is possible to earn when getting closer to retirement. It might mean working for a few more years or even through retirement to make it work. (Read More)
See the compete original article at: https://www.saveup.com/blog/future-financing-how-to-plan-for-all-your-retirement-expenses/