Expert: Don't Save Too Much for Retirement
Sunday June 26, 8:09 pm ET
Expert Suggests That Some People May Be Overestimating What They Need for Retirement
NEW YORK (AP) -- If you're tired of all the talk that you're not saving enough for retirement, you'll be happy to hear the latest: People may be overestimating what they need in their Golden Years.
People generally spend less in retirement as they age, regardless of income, according to a recently published research paper. It's one of those things that "everyone kind of knows" but that isn't reflected in traditional retirement-planning strategies, says Ty Bernicke, a financial planner with Bernicke & Associates in Eau Claire, Wis., who supports his theory with data from the Bureau of Labor Statistics.
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I am going to continue to save. I am not saving millions. We will be lucky if we have 1/2 million by the time we are in our 60s. I refuse to eat Alpo.
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