Make Lifelong Savings a Habit

13. July 2011

Last month, AARP released the fact sheet

How Many Older Americans Live: Ten Facts to Consider. The piece focuses on the lack of savings among Americans over 65.

Here are some of the more shocking findings from the piece:

• One in six lives in poverty.

• More than half pay more than $3,103 out of pocket on health care each year.

• Three out of five families headed by a person 65 or older had no money in retirement savings accounts.

• Nearly seven out of ten Medicare beneficiaries spent at least 10 percent of their income on health care expenses.

These findings only reinforce the message that everyone needs to make saving a lifelong habit. With people living longer, it is more important than ever to start saving for retirement at a young age. If you are closer to retirement and don’t have enough retirement savings, then try to make saving for retirement a priority. Click here for savings tips to help you save more.

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