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Most Americans are not ready for retirement. I learned not too long ago nearly half of families have no retirement account savings at all. And the average American between the ages of 50 to 55 has retirement savings of only about $124,000. This shouldn’t be happening. Yes, life is hard. And expensive. We live during one of the most prosperous times, so there is really no excuse! I had to find out why most Americans are having to work longer and having less money. In my research, I learned 5 expenses that are stealing your retirement savings.
Before I get into that, I will start by saying “an ounce of prevention is worth a pound of cure.” Mark and I contribute to our retirement through both a 401K plan through Vanguard and also through Betterment. Betterment offers great IRA’s which are great for tax deductions as a self-employed business owner. You can check out Betterment here.
Here are the 5 Expenses that are Stealing your Retirement:
1.) Car Payments
According to CNBC, the average American family has car payments that total $531 per month. Instead of paying that $531 to a car payment, you put the $531 into a fund earning 6% interest for 30 years, you would be $536,064 richer by the time of your retirement.
So – what do you do instead of pay a car payment? The first thing is to understand how important it is to know how to maintain your car in the smartest and most frugal way possible. Don’t be afraid of driving well-used cars! Instead of trading in and upgrading your car once it reaches 100,000 miles, you can buy a car with cash at 100,000 miles and drive it for another 100,000!
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