This Common Retirement Planning Rule Could Leave You Broke

When you're trying to determine how much retirement income you'll need, you'll probably find experts advising you to aim to replace between 70% and 90% of the money you were earning before stopping work. According to recent research from asset manager Schroders, around 51% of retired survey respondents indicated their spending didn't fall in retirement. In other cases, you'll have to shift some of your money to covering healthcare expenditures, which tend to grow as you age.