These Are Americans' Top 3 Financial Priorities
If we were all privy to a limitless amount of money, we wouldn't need to make tough decisions that sometimes make life less pleasant. But since money does not, in fact, grow on trees, we all need to be judicious about how we spend it. And often, that involves setting priorities so we know how to best allocated our limited resources.
If you're curious whether your savings priorities align with those of your peers, insurance company Vantis Life did a little digging to find out. Here are the top three financial priorities it identified among Americans today.
It's encouraging to see retirement savings top Americans' list of money-related goals. The reality is that Social Security won't provide enough income to sustain the typical retiree by itself. Those benefits only replace about 40% of the average earner's pre-retirement wages, and most seniors need roughly twice that amount to live comfortably. Throw in the fact that a future reduction in benefits is certainly on the table thanks to Social Security's impending financial shortfall, and it's clear that personal savings are a must.
Source Fool.com
