Personal finance expert Suze Orman says that many people don’t realistically plan for their future financial needs. “Most likely you will spend more when you’re retired,” Orman told TODAY. “The less money you have," said Orman, "the more you need it." This article was originally published Sept.
Too many parents don’t discuss retirement planning with their grown kids, or even discuss with their spouse what they want to support—their kids’ actual needs or their desires.
While working later in life may seem prudent financially, most people do not continue to work past the typical retirement ages. The data demonstrated that more than half of working adults in their early 50s were forced to leave their jobs at some point due to layoffs, business closing, job dissatisfaction or unexpected retirement.
When financial knowledge is studied by social scientists, most often they are referring to the individual’s financial literacy, which is knowledge about basic personal finance concepts such as interest, compounding, and risk, with respect to borrowing, saving, and investing decisions.