Many Americans do not adequately save for retirement because of lack of information about its true cost. For instance, they might think they will spend less in retirement. But the Bureau of Labor Statistics found that “older households,” defined as head of household age 65 and older, spend approximately $46,000 annually in retirement (this includes housing, transportation, healthcare, food, personal insurance/pensions, cash contributions, and entertainment).
Did you know that half of all monies spent on healthcare is spent during our retirement years? According to the New York Times, total healthcare spending for Americans 65 and older is about $15,000 per year — nearly three times that of working-age Americans.
As cases of COVID-19 increase in the U.S. and within California, we are taking precautions with clients, staff members and vendors to help prevent the spread of this virus. Jon Bacon, CFP®, provides an update on how Harris Financial Advisors is doing our part to help prevent exposure to COVID-19.
Cristin Rigg, CFP®, CDFA™, examines how the SECURE Act will impact the retirement of millions of Americans. The Act went into effect January 1, 2020 and aims to help Americans better prepare for retirement. It is the most sweeping retirement legislation in more than a decade.