Life expectancy is one of the reasons why the article reiterates the need to increase the retirement fund.
New York, NY (PRWEB) August 07, 2015
National Debt Relief recently shared in an article published July 28, 2015 some of the top reasons why consumers need to increase their fund target for their retirement. The article titled “3 Reasons Why You Need To Increase Your Retirement Fund Target” aims to explain why there is a need to increase this fund to allow consumers to live a comfortable retirement.
The article points out that consumers need to put their retirement plans in their financial goals and the earlier they get to start with it the better. This is because compound interest works on their favour earning interest on top of interest. But there are reasons why American consumers need to save up for a lot more for retirement.
Life expectancy is one of the reasons why the article reiterates the need to increase the retirement fund. This is because most people fail to account for the possibility of living longer than they anticipated and prepared for. If they retire at 65 and prepared only for 25 years then they will have problems when they reach past 90 years old.
The article also wants consumers to take into consideration the fact that Social Security might not be enough to tide them through their retirement needs. It might be true that in the past, retirees might be able to live-off on Social Security but the increase in cost of living might render that impossible. Consumers need to take into account other sources of retirement money such as investments and multiple IRA accounts.
Health care is also on the rise and another reason why consumers need to increase their retirement fund. The rising cost of healthcare can include professional fees, medical treatments, medicines and other related expenses. There are also a couple of outbreaks that seems to threaten the health of everyone
To read the full article, click this link: [https://www.nationaldebtrelief.com/3-reasons-why-you-need-to-increase-your-retirement-fund-target/