Strategies to Make Retirement More Affordable and Improve Financial Well-being
Saturday, 11 May 2024, 14:00
Retirement Savings Challenge:
The average American is facing significant shortfalls in their retirement savings, with some individuals falling short by as much as $870,000 compared to their retirement goals.
Unconventional Strategies:
- Moving to a more affordable place: Downsizing, moving to a cheaper state, or even a different country can greatly reduce housing and living costs.
- Working part-time: Supplementing retirement income with part-time work can extend savings and reduce withdrawal rates.
- Delaying retirement: Extending work years can boost savings and provide additional funds for retirement.
Combining these strategies offers a comprehensive approach to bridging the retirement savings gap and securing a more financially stable future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.