{"id":13765,"date":"2022-08-03T13:59:05","date_gmt":"2022-08-03T18:59:05","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=13765"},"modified":"2022-08-03T13:59:05","modified_gmt":"2022-08-03T18:59:05","slug":"saving-for-retirement-on-a-modest-income","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/saving-for-retirement-on-a-modest-income","title":{"rendered":"Saving for Retirement on a Modest Income"},"content":{"rendered":"

Saving for\u00a0retirement may be smart, but it’s getting harder for many people. Just how big your nest egg should be and how long it might last will depend not only on what you save and invest, but also on how you spend it once you do retire. Here’s how to look for ways to trim costs and keep items in solid condition to stretch retirement dollars.<\/strong><\/p>\n

Saving for your golden years can be a challenge for anyone, but it can be a larger challenge for moderate-income earners. This may apply to you if you often end up not having much money left after covering your basic expenses each month and you may not feel comfortable investing in an IRA without a significant initial deposit.<\/p>\n

Despite the out-of-control inflation and dire economy as a whole, there are<\/em> some tools available to help moderate-income earners get started with saving for retirement. If you are concerned about whether you can save enough in time for retirement, Johnson Wealth and Income Management can help provide Iowans with the tools that can make it easier to save and invest for retirement.<\/p>\n

Are Iowans Really Struggling?<\/strong><\/h4>\n

A recent survey<\/a> found that most Iowans see inflation as a critical issue, and an overwhelming majority, 84%, think the country is headed in the wrong direction. However, due to the nature of spending and saving by Iowa households, most say their finances are about the same or better!
\nForty-two percent of respondents to a new Des\u00a0Moines Register\/Mediacom Iowa Poll say their financial situation has remained about the same. Another 22% say they are better off than they were a couple of years ago, and 1% aren’t sure.<\/p>\n

Those numbers are down slightly from where they stood during a November 2020 Iowa Poll, when 49% of respondents said their finances were about the same as they had been a couple of years prior. Twenty-three percent said at the time that their finances had improved. So it appears Iowans needn’t be panicked when it comes to falling behind on their savings. But the question remains…<\/p>\n

How Much Do You REALLY Need?<\/strong><\/h4>\n

Many retirees report that their expenses in the first few years are not only equal to but sometimes exceed what they spent while working. One reason for this is that retirees simply may have more time to go out and spend money.<\/p>\n

It’s common for retirees’ expenses to go through three distinct phases<\/a>:<\/p>\n