As the risk of poverty among the elderly increases, retirees are urged to save significantly for their golden years. Financial experts recommend that seniors aim for 80% of their last net salary to maintain their standard of living.
Early and consistent savings—ideally 10-15% of net income—are crucial, as they leverage the power of compound interest. Additionally, many underestimate retirement expenses, often believing costs will decrease.
However, inflation and unexpected needs can lead to higher living expenses. Women, in particular, face a greater risk of financial shortfall in retirement.
Establishing an emergency fund covering at least six months of expenses is also essential for financial security. This foundational step can help individuals manage uncertainties while planning for long-term care and other future needs.
By prioritizing comprehensive financial planning and saving strategies, retirees can better navigate the complexities of their post-working lives.
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