You are right – once the mortgage has been paid off (and mine has), there are fewer expenses. Where I work, there is no pension plan, so it is necessary to save – can keep half my earnings, at present. Besides utility bills and food, there is home maintenance and repairs – and these could prove costly, and furthermore increasing age could bring health worries. And nursing home care is horrendously expensive.
It is hard to predict how much I need to save to be worry-free, but the more I can put by, the better I am prepared.
You are right – once the mortgage has been paid off (and mine has), there are fewer expenses. Where I work, there is no pension plan, so it is necessary to save – can keep half my earnings, at present. Besides utility bills and food, there is home maintenance and repairs – and these could prove costly, and furthermore increasing age could bring health worries. And nursing home care is horrendously expensive.
It is hard to predict how much I need to save to be worry-free, but the more I can put by, the better I am prepared.