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The top three things most people don't know about personal finance

Do you feel financially secure? If the answer is no, you’re not alone!
Here are three facts that people get wrong most often when it comes to finances.

1. The typical married couple will spend $265K on health costs in retirement
Does this number sound high to you? You’re not alone. Most of the participants in the quiz dramatically underestimated how much retired couples need to afford medical costs (and this is with Medicare coverage and supplemental insurance).

Remember, it’s never too late to start a retirement savings account. If you delayed saving for your post-career life, you can always play catch up by contributing a larger sum every month.

2. The typical 65-year-old woman will live another 23 years (another 20 years for a man)
According to the Social Security Administration, men and women are expected to live well into their 80s. While contemplating your life span isn’t the most fun way to spend an afternoon, it can be helpful when planning your retirement savings. Make sure that you account for 20 years of expenses once you begin your life’s third act.

3. The annual rate of inflation for college tuition is eight percent
College isn’t getting any cheaper. In fact, at eight percent inflation, tuition for higher education doubles every nine years. Let this be a wake-up call if you or your kids plan on attending college in the future—you’ll most likely need to apply for a student loan.

And remember, if you need help saving for college, planning for retirement, or just want to get your finances under control, contact one of our Certified Financial Coaches today.