For many Americans, the largest single expense in a lifetime will be the purchase of a home. However, retirement costs outstrip the average home costs by more than 250%, according to a new study by Merrill Lynch and Age Wave. Can your nest egg handle that expense?
The study, “Finances in Retirement: New Challenges, New Solutions,” addressed the “Seven Life Priorities” of retirement: Health, Family, Work, Leisure, Home, Giving, and the centerpiece of it all — Finances. Average retirement costs are listed as $738,400, a lofty target given current funding trends.
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