According to certain sources the gray-haired couple sipping champagne on a beach at sunset. Grandpa teaching the grandkids how to fish at the family lake house. Are these of carefree times in retirement based on financial reality?
According to the latest Bureau of Labor Statistics data, which is based on 2016 figures, “older households” — defined as those run by someone 65 and older — spend an average of $45,756 per year, or roughly $3,800 a month. That’s about $1,000 less than the monthly average spent by all U.S. households combined.
Naturally, your spending in retirement will vary based on countless variables, including the price of your preferred champagne and the annual property taxes on that lake house (if those things happen to be on your retirement vision board). Read on to learn how retirees’ spending habits tend to differ from the working population, and how you can plan for your personal post-work needs.
Now imagine you have worked your whole life and what does that mean. How much are you going to get in retirement? What if you had an extra 500, 1000, 2000 in residual income that you knew for sure would come in every month? Would that help? Leaving your money in a savings account earning pennies on the dollar or contact our expert consultant so we can help you plan your future.
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