Whether you’re in the early stages of your career or your golden years are just around the corner, planning for retirement is a significant long-term commitment to balance alongside finding and owning the home of your dreams. Unfortunately, many Americans are underprepared or overconfident about their retirement. It’s important to check in regularly with your nest egg. How is yours shaping up?
How Much Should You Have Saved?
Of course, the cost of your current lifestyle is unique, which makes gauging progress a decidedly subjective exercise. That being said, there are general rules of thumb based on your age and income to check whether you’re in the ballpark for retiring on time or even early.
You Can Get Back on Track
Making sure you have a solid grasp on your spending habits, investment portfolio dynamics and flexible lifestyle choices are just a few feasible tactics to better position you for retirement, especially if it’s in the near future. So, don’t fret. Making adjustments to your retirement plan is well within your control.
Intergenerational Wealth Makes a Difference
Americans who have received loans or gifts from older relatives are more likely to receive future inheritances and are, in turn, more prepared financially for retirement. So if you have children or other dependents, your retirement plan might do well to account for leaving a legacy.
What’s the bottom line? If your idea of retirement closely resembles your current lifestyle, make sure you’re planning for the future as thoroughly as you plan for finding and acquiring your dream home. The two tasks might be more similar than you think.
