3 Ways to Make Retirement More Affordable That You May Not Have Considered
The average American's retirement savings is about $1.37 million short of what they believe they'll need to retire comfortably, according to a recent Northwestern Mutual survey. You might expect this among the younger generations, but even baby boomers -- many of whom are already retired -- have just $120,300 saved on average while believing they'll need $990,000 to retire. That's a difference of $870,000. Some have no income to rely upon except their monthly Social Security benefits.
Though what Americans believe they'll need to retire may not match their actual needs, the survey results highlight the real challenge of saving for retirement. But with the right strategies, retirees might be able to afford a higher quality of life than they expect. Here are three ways to reduce your retirement costs or increase your monthly income that you may not have considered.
Source Fool.com
