According to a recent poll by CNN, one third of Americans believe that the economy is the most pressing issue facing the country right now. That's not surprising as rising prices continue to hurt folks from the gas pumps to the grocery store and everywhere in between.
That's probably a big reason why October has a reputation for being the worst month for investing. But as we discuss on today's show, digging into the numbers and taking in the broader historical perspective reveals some more important lessons for investors who get spooked by volatility. We also bring that same long-term perspective to a couple questions our Keen Wealth clients have been asking recently.
As retirement nears, folks tend to become very focused on how they're going to spend their money. But figuring out how you're going to spend your time in retirement is every bit as important. According to a 2021 study by Edward Jones and Age Wave, the pandemic renewed the emphasis that people place on purpose. In fact, their survey found that post-pandemic, "Ninety-two percent of retirees now agree that purpose is key to a successful retirement."
Do budget deficits matter to the health of the U.S. government and economy? That's been a hot topic of conversation among economists, especially as debate raged about the most effective way for the government to support folks during the pandemic. And it's been a topic that's popped up on a few of our Keen on Retirement episodes and blogs as well.
According to a recent study by Fidelity, a 65-year-old couple retiring today will need $300,000 to cover their medical expenses. Unfortunately, that eye-watering number only includes insurance premiums, deductibles, and copays. If you or your spouse need long-term care, which isn't covered by Medicare, your health care costs could end up putting a serious crack in your nest egg.
Successful retirement doesn't just happen. Getting the most out of your golden years takes lots of hard work, years of careful planning, and preparation for the emotional, physical, and financial changes you're going to go through once you stop working.