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Bidenflation is freaking people out as they look forward to their retirement years. The amount of money American adults believe they will need to save in order to retire has. “That is up from $1.27 million a year ago. And over $1 million more than the average survey participant’s nest egg.”Millennials, those born between the early 1980s and late 1990s, sharply raised their estimates compared with before the pandemic. When they retire, millennials now expect to need $1.65 million.
Even in normal times, figuring out how to save for retirement is stressful. How long will I live? How much money will I need? Will Social Security be around? What if I end up in a nursing home ? How much money do I want to leave to my heirs? How much do I want to give to charity? Here’s a little retirement tip from me to you… What you save for retirement is important. Equally important, however, is not having any debt. If your house, car, and credit cards are paid off, that reduces the nut you have to crack each month, which allows you to retire with less money. Also, the sooner those things are paid off, the more money you can put away for retirement.
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