How Much is Enough When Planning for Retirement?

Veuer

When planning for retirement, you can never be sure “enough” will be enough. To make sure you’re not overlooking essentials, avoid these retirement planning mistakes. Veuer’s Chloe Hurst has the story!

Transcript

00:00When planning for retirement, you can never be sure enough will be enough.

00:05According to a 2023 survey from the Employee Benefit Research Institute,

00:10only 18% of workers are very confident that their money will carry them comfortably through retirement.

00:1884% of workers and 67% of retirees are worried that a rising cost of living

00:24will make it harder for them to save enough money.

00:27To make sure you're not overlooking essentials, avoid these retirement planning mistakes.

00:34Money Talks News reiterates, prior to the pandemic,

00:37the cost of living was increasing at approximately 2% every year,

00:41with recent years indicating an even steeper rise.

00:45Certified financial planner Andrew Herzog explains,

00:49inflation is the most destructive factor in retirement planning.

00:53Try not to underestimate health care costs, taxes, or your spending and expenses.

00:59Remember, humans keep living longer and longer,

01:02so don't shorten your life expectancy either.

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