Every single working person will eventually retire. Whether your retirement is in a matter of days or years, eventually you will not work and when that time comes it is pertinent that an individual has money set aside. The Average American currently has 2,000 dollars available for an emergency medical or otherwise, and in their lifetime an individual will make 1 to 2 million dollars.
One of the most important aspects of Retirement is that you do NOT WANT TO COMPROMISE YOUR WAY OF LIVING. What does this mean? For most individuals it means having the freedom to live the way they want to live, so if this means going to the movies or eating out four times a night most people do not take these non-variable, non-necessity aspects of retirement into account. Most will take their necessities such as rent/mortgage, groceries, etc. these are things that most would consider completely necessary. However, if you are not taking into account what you are currently doing in your life very often it will not be a cumulative account of your expenses and therefore an individuals’ quality of life will be greatly diminished because of this.
An individuals’ retirement quality would be greatly affected if it is not properly accounted for. In any circumstance, a good rule of thumb is to save 10 percent of your gross income for a holistic and well-planned retirement. With this, an individual will be able to set a well-established retirement without compromising the quality of life.