If you’re anything like me, you’re actively saving for retirement to cover your living expenses so, perhaps, one day you can retreat to a nice beach.
But when it comes to preparing for retirement, in addition to saving for traditional living expenses, it is also important to have money for medical emergencies. Studies have shown that the average man will need an additional $116,000 on top of his retirement nest egg just for medical expenses. The average woman will need an extra $131,000.
A good way to build your retirement savings is by saving half of all bonuses and raises. By splitting your bonuses and raises, you’ll be able to save for your future while not completely depriving yourself of the joy of having more money to live off of today. Although the road to retirement can be long and winding, with small steps and discipline, you’ll be well on your way.
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