Savings & Retirement

Stressed about saving for retirment?Focus on your bottom line

Stressed about saving for retirement? Focus on your ‘bottom line’

Revealed: March 1, 2021 at 2:08 p.m. ET

Should you can’t change your income right now, see what you can do about your saviings

The cost of living is high — for some more than others — but a few changes in spending can alleviate the stress of savings financial obligations and saving for retirement.

Retirement tip of the week: Analyze your spending, and ask yourself if there are any changes you can make, both huge and small, so you can put more money towards debts and retirement savings.

More of us are responsible for our future financial stability than our grandparents were a number of decades ago, and worries about certain government programs, such as Social Security, only add to that weight. The problem: the cost of residing could be exorbitant, especially in certain parts of the country, and there are many other expenses to consider before some people feel comfortable enough to avoid wasting for their old age.

See: Low-income earners and those with lost or cut wages in 2020: Don’t forget this tax credit

Student debt, which adds up to $1.7 trillion across the U.S., is one of the biggest concerns for savers. But there are other expenses that have grown substantially, including housing and transportation. Younger Americans in particular may respond to these challenges by changing jobs in search of higher wages and delaying certain lifestyle selections, reminiscent of shopping for a house or beginning a household.

There are two ways to tackle all of this: earning and spending. Of course, making more money helps pay off debts and save for the future faster, but that isn’t always an option.

Source: How to Trade Forex News: An Introduction  

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