Financial experts revealed some tips on how to reach retirement goals for retirees.
Retirees Should Save Than Spend to Reach Retirement Goals
To reach retirement goals, financial experts advise retirees to focus on saving rather than spending money and remember that retirement goals depend on an individual’s situation.
According to the Bureau of Labor Statistics, 2.1% of households with retirees aged 65 and above are spending below $10,000, while 6.7% are spending $100,000 or more, reportedly less or more than what they save for retirement.
Although retirees can expect Social Security Income, Property Income, Pension and retirement account income, and other sources of income when they retire, they must not rely too much on them and focus on saving early to reach retirement goals, The Week reported.
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Tips on How to Reach Retirement Goals for Retirees
Aside from the famous saving than spending mantra, financial experts revealed that there are other tips that retirees must follow to reach retirement goals, including hiring financial professionals who can help them reach retirement goals, especially on being effective and responsible in restoring money for future retirement.
Some financial experts also claimed that retirees should maximize, but not rely too much, on their sources of income once they retire so that they increase monthly retirement payments in the future to reach retirement goals.
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