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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