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Many people underestimate how much they need to save for a comfortable retirement.
They rely heavily on social security benefits, which are often not enough, notedPrestizia Insurancefounder John Crist.
To avoid this, younger generations should prioritize retirement savings early, automate contributions, and maximize employer matches.
This oversight can drastically cut into their retirement savings.
Ive seen clients who did not plan for these expenses ultimately draining their assets to cover unforeseen medical costs.
Crist pointed out how many Boomers and Gen Xers fail to plan for long-term care needs.
Medical expenses, especially long-term care costs, can deplete retirement savings quickly.
Future generations should consider long-term care insurance as part of their retirement planning.
This can provide a safety net and preserve assets for other retirement needs, added Crist.
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