For many Houstonians the day will arrive when the retirement account is empty and there are still more years to live. Social Security was never intended to be a money source that covers all expenses.
Financial planner Bob Fumagalli says a major complicating factor is that we're living more years after retirement than ever before.
“You have to make that nest egg that you do have stretch much longer than you used to,” Fumagalli explains. “You also have the cost of medical expenses going up.”
He says many of his clients are in shock when he tells them how much money they will need to maintain their lifestyle.
“It does hit them as a shock,” he says, “and it does make for an interesting conversation.”
It's never too soon to start saving -- but it can be too late.social