Saving enough for a comfortable retirement can feel like a huge hurdle, and that's even before adding in potential travel costs.
Josh Jalinski, author of "Retirement Reality Check" and president of Jalinski Advisory Group, has four money-saving tips that could help you pay for travel expenses in retirement.Jalinski suggests maxing out your 401 or a Roth 401 and stashing 10% to 15% of your income for retirement as soon as you can.Too many people are focused on asset allocation and diversification rather than the actual income they'll need in retirement, Jalinski said.
However, he believes the 4% rule, which is a commonly used metric for how much a retiree should withdraw from his or her retirement accounts each year, is dead. For instance, if you saved a million dollars by the time you retired, you could withdraw $40,000 a year. That hardly seems like enough to live on and travel during retirement, Jalinski said.
"Think about a proper spend-down strategy where you get to spend all your money until the day you die and when the hearse comes and picks you up from the funeral parlor, your last check bounces," Jalinski said.
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