00:01
Is this statement correct? my social security plus what i have put in regular savings account will cover all of my retirement expenses.
00:10
Yes, that sounds about right.
00:12
No, i should plan on having a retirement income that is 80 % of my working income.
00:18
So the correct answer here would be yes, that sounds about right.
00:40
Until the age of retirement, a person's mostly expenses are finished.
01:09
So your most costly expenses are behind you.
01:12
And we're not going to be, talking about necessarily just monthly, costly expenses, but things like raising children.
01:23
Once you retire, your children are probably growing and on their own so you don't have that cost.
01:31
Education, both yours and your children's.
01:44
This isn't just talking about necessarily tuition, but just the cost of sending them to school.
01:49
Supplies, field trip fees, lunch money, athletic fees, sports equipment for those athletics.
01:57
The list is endless.
02:00
But it could also include tuition.
02:02
Maybe you help them with college.
02:03
Maybe they go to private school.
02:04
Maybe they need books, all those sorts of things...