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Once you’re retired, you’ll need to maintain 70 to 90 percent of your pre-retirement income to continue your current quality of life. That’s not always easy to do. Meanwhile, it’s possible that you’ll be retired for a long time, maybe 20 years or more, because life expectancies are getting longer.
In other words, retirement is expensive.
So in order to retire comfortably, you have to save for it. Because of how investments have historically performed over long periods of time, a little bit saved now can be worth a lot more in the future.
If you’re not sure where to start, check out the Top Ten Ways to Prepare for Retirement.
Getting close to retirement age? Take the Mystery out of Retirement.
As the cost of food continues to rise, it can be a challenge to make healthy food choices and stay within your food budget. Here are some tips to help you get the most from your grocery budget:
Visit Investor.gov for trustworthy information about saving and investing. Created by the U.S. Securities and Exchange Commission, Investor.gov is a free, easy-to-use website with objective information on investing wisely and avoiding fraud.
Here are just a few of the helpful resources you’ll find:
Asked by Anonymous
how can I do to save money?
A good way to start saving money is by creating a budget, detailing all of your income and expenses each month. It is important to remember to update your budget as your income and expenses change.
Your income is the money you bring in each month. This can be a fixed income - like a salary - or a variable income - based on commission - or a mix of both. To make a budget, first you should add up and record your monthly income.
Next, take a look at your expenses each month. Some of these will also be fixed, such as rent, car payments or other utility bills. Other expenses will vary, like groceries or transportation costs.
Once you have outlined your average monthly incomes and expenses, you will be able to see how much extra money you have left over. While some unexpected expenses may come up each month, you should be able to put a percentage of your money into a savings account.