Save more and spend less. It may seem obvious and simple, yet many of us fail to live by these important principles, resulting in insufficient retirement savings. Recently published in the Wall Street Journal, Kelly Greene's
"The Key to Retirement: Spend Less, Save More" presents staggering statistics:
79% of 1,008 U.S. adults surveyed in February said that they have committed a money mistake – and of those, 26% reported not having saved enough for retirement as their No. 1 problem.
20% of workers saying they need to save between 20 and 29% of their income to achieve a financially secure retirement, and 23% saying they need to save 30% – or more.
Job uncertainty and making ends meet were the most pressing financial issues faced by both workers and retirees.
So how do you catch up or get ahead while you still have the opportunity? Follow those two simple principles: save more and spend less. Adjust your budget to live more modestly and bulk up contributions to your retirement accounts. You'll be glad you did.
While some people leave records behind in a superbly organized "in case of my demise" file, it's not unusual for others to pass away without letting relatives know about the existence of a life insurance policy. When someone's life insurance is lost or goes unclaimed, tracking it down can take some detective work. But it may be worth your time to see if a loved one left you something besides memories.
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