Frich Reveals: All about retirement savings
It's hard to focus on things like "savings", "retirement", or "emergency fund", when it's so nice and sunny outside, but here's a secret. The key to really enjoying yourself is to feel financially secure. And one of the main pillars of financial security? Starting to build & plan for your retirement early on. So, without further ado, here's how others are going about their retirement savings - and a wake up call if you needed one.
Do you think you’ll be able to retire before the official retirement age?
Everyone loves to philosophize about retiring at 30 and moving to a secluded place in the mountains or by the sea. But, when push comes to shove, is it actually doable??
38% said that they plan to retire way before the official retirement age. 34% think that they will work until the official retirement age, and the rest fear they'll need to work forever.
The key to being able to retire earlier? Of course, to some extent, it's about making more money. But, most importantly, it's what you do with that money. The more you put aside and invest into your retirement savings now, the longer your money will grow. This could allow you to step away from your regular 9-5 schedule way earlier than others.
<div class="frich-tip">Frich tip: If you want to learn a bit more about this, check out our deep dive here!</div>
How do you prioritize spending your money?
So if retiring early is possible only if you learn to prioritize saving your money for later rather than splurging it now, how many people can actually do it?
When we asked you if you prioritize saving for the future or enjoying your money now - almost 60% prioritized enjoying their money now.
Of course, money is meant to be spent on things that bring you joy. What else would be the purpose then? But learning to control your impulses and indulging in a few mindful splurges here and there might just be the key to finding the perfect balance between the two. At least that's what we believe 😉
If you had to live off your savings for 3 months, could you?
Alright, here's the REAL pulsecheck on how y'all are doing. If you had to, could you live off of your savings for 3 months?
The results are a bit worrying - it's 50/50 with slightly more people saying they wouldn't be able to.
<div class="frich-tip">Money experts usually recommend minimum 3 months of living expenses saved up in an emergency fund. If you need help growing yours, learn all our best tips in this article!</div>
