According to statistics, out of every 100 persons aged 65, 96% are either dead or dead broke, 3% are comfortable and only 1% are wealthy. Because of this, many retirees continue to work long after their retirement age. Others are dependent on their social security payments, which are never enough; while some depend on their children’s money or support for their day-to-day expenses like food, utilities, transportation and maintenance drugs. Most problem arises when there is an unexpected medical emergency.
To live comfortably in your retirement, ideally, about 10% to 15% of your income should go to your retirement savings every month. Saving early will help you take advantage of compound interest. Unfortunately, saving for retirement has never been a priority for most people.
At least ten percent of your monthly income should go to your retirement savings.
Are you one of those people who do not save for retirement? What will your retirement years look like? Avoid struggling in your retirement years. Start saving now!
It is not about how much money you make, but how much money you keep – Robert Kiyosaki