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Remember when gas was under $4 a gallon and you could take the family out to eat without taking out a second mortgage? Ahhh, those were the days.
As the cost of living rises, everyday expenses are eating into retirement savings. Americans currently participating in workplace retirement plans anticipate needing $1.2 million on average to retire comfortably, according to a Schroders survey released this month. However, just 30% believe they will reach $1 million due in large part to rising costs, debt and competing expenses. In fact, a third of those surveyed said they have more credit card debt than retirement savings. There are also signs that wealthier clients are feeling the squeeze. It's a great chance for advisors to help clients prioritize spending to stay on track for retirement without overextending their resources today.
"While many are still contributing to retirement, they're finding it harder to increase their savings each year," said Nathan Sebesta, an advisor at Access Wealth Strategies. "Retirement savings shouldn't simply be what's left over at the end of the month. It should be treated like any other essential bill."
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#savings #without #cost
Remember when gas was under $4 a gallon and you could take the family out to eat without taking out a second mortgage? Ahhh, those were the days.
As the cost of living rises, everyday expenses are eating into retirement savings. Americans currently participating in workplace retirement plans anticipate needing $1.2 million on average to retire comfortably, according to a Schroders survey released this month. However, just 30% believe they will reach $1 million due in large part to rising costs, debt and competing expenses. In fact, a third of those surveyed said they have more credit card debt than retirement savings. There are also signs that wealthier clients are feeling the squeeze. It's a great chance for advisors to help clients prioritize spending to stay on track for retirement without overextending their resources today.
"While many are still contributing to retirement, they're finding it harder to increase their savings each year," said Nathan Sebesta, an advisor at Access Wealth Strategies. "Retirement savings shouldn't simply be what's left over at the end of the month. It should be treated like any other essential bill."
Sign up for The Daily Upside at no cost for premium ******* ysis on all your favorite stocks.
#savings #without #cost
4 days ago
