Are you saving enough money for retirement? Do you know how much to save? Where are you saving your money?
When you retire do you want to retire independently and comfortably? It is expensive to live in most major cities. If you are 65 and single and living in a one bedroom apartment it would cost you around $20,000.00 each year for food, housing, transportation, and health care.
If you are single and live in a house free and clear from a mortgage, it would run you almost $19,000.00. If you still have a mortgage that would run you $26,000.00.
If you are a couple those numbers would be higher. By owning your own home without any mortgage your annual cost would be about $29,000.00. If you still owed on your mortgage it would run you about $36,000.00 annually and if you still rent it would run you $30,000.00.
As you can see with these numbers living just on Social Security does not cut it anymore. Hopefully if you read this it is a wake-up call. You somehow need to build a retirement fund.
So what if you don’t have enough money put away? What are you going to do?
There are some things you need to do. You need to create a budget and see where all your money is going. Once you have your budget set then every month you have to work with your budget. At the beginning of every month put down everything you have spent and earned so you can see where you are.
With your budget find a way to start waving some money and create a habit of saving every month.
If you cannot find any money to save then you need to increase your income somehow. Either a part-time job or find a way to get a raise.
You are in control of your future. Start saving today.