9 Reasons Many Americans May Never Be Able to Retire

2) They Haven’t Made a Retirement Budget

Many Americans don’t realize exactly how much they’ll need during retirement. They may think that since they’re not commuting, and their kids are out of the house, they won’t have to spend as much as they did while they were working. While your expenses may go down when you retire, the only way to know exactly how much you need is to create a retirement budget. In your budget, be sure to put aside money for emergencies that could eat up your savings. You’ll also want to put money away for leisure activities. It’s a good idea to create your budget years before you retire—that way, you’ll know exactly how much you should be putting away. Creating a retirement budget will make it much easier for you to decide how much to save for retirement.