You might spend more, not less, in retirement.
Traditional wisdom says that retirees will need about 80% of their working income in retirement, and since Social Security was only designed to replace about 40%, where the rest comes from is important in planning for your golden years. But, recent surveys are showing that many of today’s retirees are spending more, not less, in retirement, sometimes as much as 120% of what they spent while working. So, what to do? As this article by Motley Fool’s Maurie Backman posted at Fox Business points out, carefully evaluating what your retirement lifestyle will be like, and ramping up your savings, are key to a comfortable retirement. Click here to read more.