Why People Don’t Save Enough for Emergencies and Retirement

It can be hard to save, especially during tough economic times. But the coronavirus pandemic has also given people the chance to rethink their spending habits, and if you’re lucky enough to still have a job, it can be a really smart time to make some positive changes to your financial habits. That might include increasing how much you save each month.

A common piece of advice is to automatically save at least 20% of your income every month for future expenses including emergencies and future life plans (e.g. buying a home). Unfortunately, many Americans aren’t consistently hitting this mark.

We spoke to two financial planners in different cities who both were quick to point out the two areas where people are not saving nearly enough. Washington, D.C.-based planner Alicia R. Hudnett, CFP and New York City-based wealth advisor Anora Gaudiano, CFP both agree that many Americans shortchange themselves when

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Horace Mann Educators Corporation | Auto, Home, Rent, Life Insurance and Retirement Annuities

COVID-19 response: As part of our Teacher Appreciation Giveback Program, we’re crediting customers 15% of two months of auto premiums, adding to other relief measures to support educators and local communities. Learn more

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Calculators, Estimators, and Planners – Real Estate, Retirement, Investing

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and/or its

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Horace Mann Educators Corporation | Auto, Home and Life Insurance and Retirement Annuities

Coronavirus (COVID-19) notice: Our top priority is the well-being of our customers, employees, agents, and the communities we serve. Learn more

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