By Brett Fellows, CFP

A recent study by Chase Bank found that the average person misestimates the amount they spend each month by up to 35%. In other words, if someone estimates their personal spending to be $10,000 per month, it’s probably somewhere between $6,500 and $13,500. That can be a significant variance, potentially resulting in under- or over-saving for retirement by hundreds of thousands of dollars, depending on the time frame.

Brett Fellows

Source link