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Are You Saving Enough Money For Retirement?

by: MarkNelson
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Financially could you retire today? Have you been saving enough money to retire? How are you saving money?

There are people that are not saving enough money to retire independently and comfortably today. In many major cities if you are 65 and single and living in a one bedroom apartment it would cost you around $20,000.00 annually 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 those numbers would be higher. By owning your own home without any mortgage your annual cost would be about $29,000.00. If you still owed on your mortgage it would run you about $36,000.00 annually and if you still rent it would run you $30,000.00.

As you can see with these numbers thinking that you can live just on Social Security does not work anymore. This it is a wake-up call for you to start saving. You need to build a retirement fund.

So what if you don't have enough money put away? What are you going to do?

There are some things you need to do. You need to create a budget and see where all your money is going. Once you have your budget set then every month you have to work with your budget. At the beginning of every month put down everything you have spent and earned so you can see where you are.

From your budget you need to find a way to start putting some money aside and creating a habit of saving.

Please you need do this. You have to find a way to either reduce how much you are spending or find a way to increase you income.

You are in control of your future. Start saving today.

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About the Author

If you want to find the best ways to save money and more resources on how to save money, please check out the free e-book on building your wealth.  

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