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The answer to “how much you need to retire” is shaped by various factors, including the kind of retirement life you dream of, your age, and the expenses you anticipate during your retirement years. Retirementplanning is not just about reaching a target savings number.
This data can serve as a baseline for tailoring your retirementplan, taking into account factors such as inflation, your current age, and your desired retirement age. The BLS data also revealed that transportation is the second-largest retirement expense, accounting for $7,160 annually or 13.7%
Creating a detailed budget that includes housing, food, transportation, travel, medical expenses and fun activities will help you understand what your financial needs will be. Maximize Social Security Benefits Maximizing Social Security is one of the critical components of how to prepare for retirement.
Consider consulting with a professional financial advisor who can assess your present financial situation, investment portfolio, and retirementplan and guide you if you need to change it for 2023. For example, use public transport instead of cabs, cook your meals at home, unsubscribe from OTT subscriptions, etc.
The post Strategic RetirementPlanning Guide for Single Women: Expert Financial Advice appeared first on Yardley Wealth Management, LLC. Without a partner to rely on for financial support, single women must take proactive steps to ensure a secure and comfortable retirement.
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