Are you concerned that you’re not saving enough for retirement? We’ve heard all the comments about spending too much on our daily latte, but what if you actually gave it up?
Let’s say you place your daily coffee money in an account that earned a hypothetical 5% return. After 30 long, uncaffeinated years, you might accumulate a tidy sum, but not likely enough to retire on.
Let’s get real. Instead of worrying about lattes, here’s some lifestyle choices that can really make an impact.
Consider the house market in your area. With housing costs consuming so much of the typical budget, managing your mortgage debt and expenses by rightsizing your home can make a real difference.
Think about your work-life balance. Could you work remotely? What’s possible for you? How might it affect your expenses? Would nixing your commute help you to set aside more for your goals?
Take advantage of all opportunities. Are you making the most of your workplace retirement fund? Do you invest beyond that? A conversation with a financial professional might help you enjoy your life “a latte” more, even while you save for the future.
This is a hypothetical example and is not representative of any specific situation. Your results will vary. The hypothetical rates of return used do not reflect the deduction of fees and charges inherent to investing.