Is Your Retirement Budget Realistic?
When it comes to something as important as calculating your retirement expenses, the worst thing you can do is take a shot in the dark. But unfortunately, that seems to be the favored strategy among most Americans. If you figure too high, you could end up saving more than you need and working longer than you have to. Underestimating your retirement expenses is even more worrisome because it could threaten your ability to put food on your table and keep a roof over your head in your golden years.
It's a more common issue than you think. A Transamerica survey found that most workers estimate they'll need $400,000 to $500,000 to cover their retirement expenses, while the true costs are likely to exceed $1 million. Here's a closer look at the real costs of retirement and how you can create a tailored plan to help you save enough.
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Source Fool.com
