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Start Retirement Financial Planning Now

Retirement Is More Expensive Than You Think

If asked, most people could not tell you how much money they need to have saved so that they could leave the workforce for good. Retirement financial planning suggests the average household will spend just over $40,000 per year when all of its members are no longer working. This amount is for a very conservative lifestyle, with little in the way of travel or other luxuries. Social Security benefits usually only amount to roughly $15,000 per year.

This leaves a significant gap that needs to be made up through savings and investments. With the average American living longer, savings must be increased to ensure that accounts do not run out prematurely. A second aspect that makes leaving the workforce so expensive is the unforeseen costs that people encounter. With an abundance of free time there is an equivalent increase in entertainment costs per year. Medical expenses also increase substantially, to more than $5,000 per year on average. All of these extra expenses are on top of the cost of utilities, groceries, insurance, rent or mortgage, and travel.

In conclusion, retirement financial planning can be tough to prioritize. Most people have many other expenses, and retirement can seem very far away. However, it is not particularly hard to save for your later years. Putting away a small amount now can mean a comfortable life when you finish your career. Furthermore, life after work can be very expensive, with increased expenditures for entertainment and medical issues. Start planning now.