This column is another in a series on good financial habits within your control, as opposed to annual stock market returns, which are not. Last time we got to work on your estate plan, while today we’ll uncover in under an hour how much you spent and saved last year.
You’ve probably heard that we Americans are largely doing a poor job of saving for retirement. A 2016 report by the Economic Policy Institute puts it in stark terms. By 2013, the mean investment wealth for families in their late 50s was about $164,000, which would generate close to $8,000 a year in retirement. When you combine that with the average Social Security benefit of under $17,000 a year, most are woefully unprepared to stop working in their 60s.