Solid planning helps loosen the purse strings in retirement

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Mature couple calculating expenses with a laptop on table

By Bob Moulesong

A long and happy retirement begins with a solid financial plan. That plan needs to include the amount of money needed to live comfortably as well as options to spread the wealth to family members or charitable organizations.

It also will help with a trend identified by Vanguard that more seniors are saving rather than spending.

According to a recent study published by the money manager, more than 30 percent of income is saved in retirement.

One reason for this ongoing frugality is retirees’ concern about health-related costs later in life, according to the Vanguard study. This is especially true among recent retirees, who are experiencing a new way of life without steady income. New retirees attempt to save one-third of their monthly income, while those who have been retired several years only save about one-fifth.

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