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Lifestyle Changes Impact on Retirement

Your lifestyle changes today will impact both your savings and the amount you will need to comfortably retire. Most people believe they will spend less money in retirement than they do today. A commonly used assumption is that you will need to replace 80% of your income during retirement though this may not be the case for you. Some people will have their mortgage paid off, everyone saves a different percentage of their income, and everyone’s taxes will be impacted differently. This is why we recommend that everyone have a financial plan, understand where they are today, and how to achieve their long term goals no matter which stage of life they are in today. Below is an excellent video/article that frames the impact that lifestyle changes can have on ones retirement needs.

http://news.morningstar.com/Cover/videoCenter.aspx?id=812116

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