How Much Money Are You Saving For Retirement?
by: MarkNelson | Total views: 15 | Word Count: 299 | View PDF | Print View
Are you saving enough money for retirement? Do you know how much to save? Where are you saving your money?
Many people are not putting enough money away so the can retire comfortably. In most major cities if you are 65 and single and living in a one bedroom apartment it would cost you around $20,000.00 a year for food, housing, transportation, and health care.
If you are single and live in your house without a mortgage, it would cost you almost $19,000.00 per year. If you were still paying on your mortgage that would run you $26,000.00.
If you are a couple all of those numbers would be higher. Owning your own home and having it free and clear of a mortgage the numbers are $29,000.00. Without having your house free and clear from a mortgage it would $36,000.00 annually and if you by chance rented it would run you $30,000.00.
As you can see with these numbers living just on Social Security does not cut it anymore. Hopefully if you read this it is a wake-up call. You somehow need to build a retirement fund.
So what if you don't have enough money put away? What are you going to do?
The first step you need to do is to create a budget. You need to see where all your money is going. Once you know where your money is going you have to continue to look at your budget every month. At the beginning of every month find out how much you spent and where.
With your budget find a way to start waving some money and create a habit of saving every month.
You can do this, you just have to find a way to reduce how much you are spending or find a way to increase you income.
It is your future.
This Article was distributed by Inquire Into at www.inquireinto.com
About the Author
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