{"id":136134,"date":"2022-10-01T19:15:45","date_gmt":"2022-10-01T13:45:45","guid":{"rendered":"https:\/\/centralrecorder.com\/how-to-live-off-one-income-in-a-two-income-household-according-to-experts\/"},"modified":"2022-10-01T19:16:01","modified_gmt":"2022-10-01T13:46:01","slug":"experts-share-their-tips-on-how-to-live-with-one-income-in-a-two-income-household","status":"publish","type":"post","link":"https:\/\/centralrecorder.com\/experts-share-their-tips-on-how-to-live-with-one-income-in-a-two-income-household\/","title":{"rendered":"Experts Share Their Tips on How to Live with One Income in a Two-Income Household"},"content":{"rendered":"\n
The Federal Reserve states that the average retirement savings of someone between 45 and 54 is $250,000. For someone between 55 and 64, it\u2019s closer to $400,000. These numbers are closer to $400,000. How does your bank balance compare?<\/p>\n
If so, \u201cnot great,\u201d there\u2019s still time to start racking up major retirement savings, especially if you\u2019re in a two-income household. Financial planners suggest that one income is sufficient to support your lifestyle and the remainder be used for savings or investments. <\/p>\n
It might sound like a nightmare to pair down your lifestyle to bare bones, but after speaking to several experts, it\u2019s actually a pretty feasible plan. It is clear that everyone agrees on this, from CPAs to financial planners and debt relief attorneys.<\/p>\n
Not only is paring two-income households down to one a highly effective way to boost retirement savings\u2014particularly in midlife and beyond\u2014it\u2019s also surprisingly possible. Here\u2019s how to get started. <\/p>\n
\u201cThe basic idea is that, even in a dual-income household, you can live on one income while keeping the other to pay off your high-interest credit cards, build an emergency fund, invest it, or keep it as savings,\u201dLyle Solomon explained, “a An attorney in finance<\/a>Auburn, California \u201cKeep the higher income to cover all the expenses for your living, and keep aside the lower paycheck for your financial goal.\u201d<\/p>\n Think about how much you and your partner will be able to save and what income they’ll use for living expenses. This will help you establish a baseline for the next steps.<\/p>\n2. Think about Your Most Worst Hurdles<\/h2>\n