If you have read any literature on retirement planning or have received advice from a financial professional, chances are you were presented with the 70% rule, the one that suggests that retirees will need between 70 and 80% of their pre-retirement income in order to maintain their standard of living.
For anyone who has dealt with an aging parent or grandparent, the concept of long term care is likely a familiar one. Those unfortunate enough to suffer from Alzheimer’s or other cognitive illness can end up requiring nursing care that can reach and exceed $80,000 per year depending on the quality of care.
The American Institute of CPA’s (AICPA) recently published a list of personal finance trends that we should all be concerned about. These trends highlight the fact that almost 63 percent of Americans today are unable to pass a basic financial literacy test.
Here are the troubling trends, as well as some tips on how to avoid them:
If you’ve only just begun your career and are starting to collect a decent paycheck, the last thing on your mind is probably retirement planning. When you’re in your twenties and thirties, retirement can feel light-years away, but it will get here much quicker than you can imagine. And when it does, you’ll want to be prepared.
There’s a good reason there’s an estimated 74 to 96 million owned cats and 70 to 80 million dogs in the U.S. With wagging tails, slobbery kisses, and little whiskers that make for adorable Instagrams, pets give us that warm, cuddly feeling inside. They are part of our families and some of our best friends.