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Would you go camping or skiing without considering what you need to bring to make your trip successful? Imagine this: we decide to go camping! We jump in the car and head off—only to realize we don’t know our destination, haven’t booked a campsite, forgot food, only have a bit of water, and for shelter, all we brought is a tarp. How enjoyable do you think this trip will be? We all know that planning is essential for a good trip. So why do we sometimes assume that diving into major life decisions without any preparation will work out? Whether it’s transitioning from two incomes to one for a new baby, retiring unexpectedly due to health issues, or facing a layoff, planning for your goals—or simply the unexpected—can help you feel more secure and enjoy those times with less financial worry. Testing your ability to live within different income constraints before they become a reality is also crucial. So, back to the question: could you live on $1,782 per month? This is the average monthly Social Security benefit for 2024.* If you believe you could live on Social Security alone, consider trying an experiment: for the next six months, live on only $1,782 per month and save the remaining amount. (If you’re planning on maternity leave or going down to one income, try living on just the remaining income.) This exercise will accomplish two important things:
Again, while goals are often moving targets, the key is to define the direction you want to go, establish habits and systems to guide you there, and keep moving forward. Even if you don’t hit the exact goal you envisioned, you’ll still be better off than if you had done nothing. If you would like to learn more, but missed our Q3 webinar, here is the recording: My Financial Goals Feel Unattainable…So Why Should I Bother Setting Any? |
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Could you live on $1,782 per month?
