Unloading This 1 Expense Could Save You Thousands in Retirement
If you're someone who's kicked off retirement with a large amount of savings, then you may have plenty of options for your senior years. Those could include traveling, living in a larger home, and being able to cover all of the expenses you paid for while you were still working full-time.
But if you're a retiree without a very large 401(k) or IRA balance, then you may need to be prepared to make some hard choices in the context of cutting expenses. Motley Fool research finds that as of 2022, the median retirement savings among seniors aged 64 to 74 was just $200,000. Among those 55 to 64 (a range that can also include retirees), it was $185,000. So if you're a retiree with similar cash reserves, slashing your costs may be necessary.
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Source Fool.com
