How much is the cost of retirement?
May 22, 2018
According to a study released in 2017 by Merrill Lynch, the average cost of retirement is more than $700,000. When I mentioned this number at one of my recent speaking engagements, I had one gentleman announce to the group that if this is true, he would be homeless and living in a cardboard box on the streets. After that statement I didn’t have the heart to mention to the group that Fidelity Investments estimates health care and medical expenses alone will total $275,000 for the average 65-year-old couple retiring in 2017. I did some additional research and found a survey which said 55% of Americans have put away less than $10,000 for retirement. What? Is that true? I couldn’t help but think what the cost of retirement will be in 20 or 30 years when my nieces and nephews are approaching the age to retire.
Are you prepared financially, emotionally, and spiritually for the cost of retirement? Do your family and friends know where to locate your investment, financial, medical and healthcare documents should you become unable to do so?