The top two concerns for seniors are health and finances. As the number of people living into their 90s and beyond increases, everyone wants to know how to make their money last longer. This segment of Seniors Today brings on Mary Gruenberg, a CFA and owner of Soarella Insurance, and Jean Pare, who recently retired.
How Much is Enough?
Actually looking at your expenses is the first step in determining how much you’ll need to save for retirement. “I was asked by my financial advisor to determine what I spent each month, and start out with the minimum I could get away with, and then build on it from there,” says Jean Pare.
Make a Plan
“First, the most important thing is to make a plan,” says Mary Gruenberg. “You have to start somewhere.” However, she adds, you have to start the plan, and then follow the plan.
The plan also should be reviewed because life changes and unexpected expenses can occur.