Here’s why you need to start saving TODAY & more regardless if you’re in debt or living paycheck to paycheck!

Posted on Posted in Generate Income, Earn Money, Save Money, Invest Money, Personal Finance, Monetization, Retirement, Savings

 

I know what you’re thinking. Who even has time to think about retirement when am struggling to survive, have a lot of debt and living paycheck to paycheck, right?

 

Well let me give you a serious wake up call. Wether you are thinking about it, planning for it or not, retirement healthcare needs will hit you like a ton of bricks before you even know it. And please don’t tell me about social security or Medicare.

 

According to a recent study it is estimated that a 65-year-old couple retiring this year will need $280,000 to pay for Medicare premiums, copays and other out of pocket expenses. For single men the estimated cost is $133,000. Women, because of our longer life expectancy will need an estimated $147,000.

 

As we speak for those receiving these Medicare benefits today, it is NOT even enough. Once you turn 65 yes, you are eligible to enroll in the Medicare health insurance system. However, even with Medicare do you know that you will still have to pay about 30% out of pocket expenses???? Yes and probably even more by the time you retire because Medicare does NOT cover everything and cost of medical expenses continue to go up every year just like student loans.

 

A recent study shows that this potential 30% out of pocket expenses if you retire today does not even include cost of long-term care needs. If at any point you need nursing home care, or assistance living in your home, your costs are going to be a lot higher.

 

Honey, you need to be saving ASAP towards your retirement if you want enough money to not only enjoy your golden years, but also be able to take care of yourself because your medical healthcare needs will be one of your biggest expenses in retirement!

So what can you do?

  • You need to slash your spending ASAP
  • Start saving TODAY.  If you are already saving then SAVE more by paying yourself first and make it a priority. You will thank your future self.
  • Reposition your money or portfolio or look for ways to earn more so you can save more.  Please don’t tell me, or yourself that you don’t have another $100 to $300 a month to set aside for your retirement. It’s your money that you are stacking away for your future self anyways. So you better get to stacking!

Obviously there are much more you can do. So if you need one on one specific help to maximize your retirement vehicle and saving options, then let’s connect by booking your free financial check up. Click odettaking.com/stackyourcoins

 

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