Usually, we spent this time talking about preparing for retirement or living during it. Today, we take things one step further and talk about funerals. I know, not fun, but funerals can be expensive and it makes some sense to speak to the relevant economics.
Many financial advisors will tell you that you may need about a million dollars or more saved if you retire at the age of 65. So how much money does the average American have in retirement savings? As indicated by writer Eric Reed, the answer is about nothing. While sources of data differ, the broader story remains the same.
When people consider how much financial wealth they will need in retirement, they may have a relatively simple time calculating things like property taxes, groceries or even travel. But healthcare costs are extremely difficult to estimate, and that makes it all the more important that people save with regularity even in their 30s, 40s, and 50s.