Why Retiring Rich Is Harder Than You May Think
It's more important than ever for working-age Americans to prepare for retirement on their own. Yet as simple as it sounds to be able to retire rich, the reality is a lot tougher for most people. In particular, you have to overcome major challenges at difficult times of your life to stay on course for the kind of retirement you will want. Let's go through some common advice from financial planners, along with the reasons you might need a workaround in order to come up with a retirement strategy you can actually implement in your own personal situation.
One of the simplest retirement rules you'll find is the suggestion to save 10% of your salary as early as possible. The longer you save, the more time your money has to work for you. Putting aside 10% sounds like just a modest amount that most people can easily do without. Yet consider the following:
Add to that all the other regular living expenses you have, and it can be hard to free up any money at all -- let alone the several hundred dollars per month that a 10% commitment would entail. At certain times of your life, just being able to put anything toward savings is a major victory, and you should celebrate it as such.
Source: Fool.com
