People living longer, less prepared for retirement - KOTA Territory News

People living longer, less prepared for retirement

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People are living longer, but as the cost of living rises...many aren't doing enough when it comes to saving for retirement.
 
Financial experts say due to the financial crisis, social security may not be as robust as in previous years. The average person can expect to receive $18,000 to $20,000 yearly from social security once they retire.
To supplement that, financial advisers recommend putting aside at least 17% of your income if you're between the ages of 30 and 60. They say that percentage should increase as you approach retirement age.

The most important thing to do, according to some local experts, is not jeopardize your retirement savings by diverting funds to more immediate expenses.
 
"It's much cheaper for a child to fund their education, than it is for a child to take care of parent who hasn't taken care of their retirement," said Financial Adviser Rick Kahler.

Kahler also recommends taking advantage of your employers 401k plan, especially if the company matches your contributions.

 

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