American Consequences - December 2017


not satisfied with my current income. But that’s more debt, too.” Tip: Moving to a state or country with a lower cost of living is a great way to “upgrade” your retirement. We’re putting this on our list to write about in coming issues. MIKE , 32-year-old account manager and proud father of a new baby boy Mike is happy with his progress in saving for retirement... “My parents worked in the financial industry, so I’ve grown up knowing the importance of budgeting and saving.” “exactly what is in it” as far as investments. He has a proactive attitude regarding retirement, stating “if you’re worried about it, you should do something about it. Invest in yourself as far as furthering education. Investing in yourself will always make the difference.” However, he makes it clear that he doesn’t live a spartan lifestyle, adding: “I by no means save every penny, I just try to be selective and wise in my spending.” As an example, he cites the one big purchase he made during Black Friday: a new speaker for his TV. Tip: If you’re not in the same confident place that Mike is, you can get there in a few easy steps. In our October issue of American Consequences, Dr. David Eifrig shared why you should think of retirement in a completely different way... “Take Care Of: The Three Most DangerousWords in America.” Mike’s paycheck is set to automatically contribute to his 401(k), and he knows

HAHN , a 27-year-old nurse and single mother of a three-year-old “I know I want to retire in Costa Rica, just not how I’m going to do it yet,” Hahn says. “I’ve had a 401(k) for four years, since I started working.” She’s interested in planning for retirement, but isn’t sure she’s on the right track: “I started my 401(k) because society tells you it’s the right thing to do, but no one ever really taught me about this stuff. I don’t understand a lot of it.” As far as expenses go, Hahn is in the same debt cycle as millions of other Americans: car note, credit cards, and student loans. However, it’s future expenses that really have her attention. “My daughter’s only three, so it’s not very expensive right now. As she gets older... I don’t even want to think about it. And I’m considering grad school, because I’m

Hank Blaustein | © 2017 Grant’s Interest Rate Observer. Used by permission.

34 | December 2017

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