As 2025 kicks off, you must consider the economic landscape and how it could alter your retirement plans. One important consideration is that a new incoming presidential administration will shake things up, and high inflation will still increase the cost of living.
If you're looking at one of the most important factors to consider as part of any retirement reality check in 2025, it's all about the economic landscape. While the hope is that inflation will eventually end, housing, food, and healthcare costs will make it essential to adjust your savings goals accordingly.
One of the most important reviews everyone should perform at the start of 2025 is a hard look at their monthly and yearly expenses. This review will help you better understand how much of your current salary you will need to sustain your current lifestyle.
Healthcare plans have risen 4-5% annually, which means you need to factor in this increase. If you are considering putting away around $300,000 in healthcare costs to cover 30 years of retirement, this number could require significant rethinking.
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