How to increase your retirement savings to match your savings, so that you can afford to spend less on the things you care about, like travel and entertainment.
You may be able to save up to $10,000 a year to offset the cost of living for those who live in a large city, according to a new report from The New York Times.
The report found that a family of four could save $1,200 a year on rent, utilities, childcare and food costs in a city of the same size as New York City.
This could allow a family to save an extra $6,000 annually to meet the costs of living while living in a small city, said the report’s author, Elizabeth Hirsch, a senior economist at the investment firm PIMCO.
The savings can be invested in a wide range of investments, such as equities, mutual funds and bonds.
Hirsch’s team used data from the Consumer Price Index (CPI), which tracks the average of the prices of food, fuel and other goods across a year, to find the savings needed to live comfortably in a metropolitan area.
To find the saving needed to meet those costs, the researchers used data on the costs for all housing in a given metropolitan area from 2011-2012.
They then compared those figures to the costs to live in that area over the same period.
The results showed that for those living in the largest cities, the savings are $7,700 a year.
The median family of 4,000 in a major US city spends an average of $12,000 on housing, compared to the median family spending $10 to $11,000, according the report.
The study found that for families of 4 to 6 people, the median spending per person is $2,100 to $3,600, and for households of 7 to 9 people, $3 to $4,200.
“The data is really telling the story that if you live in an area where you have a lot of competition, you have less flexibility and more opportunity to save, and you have to be able spend more on necessities,” said Hirsch.
The study showed that while there is a large number of people in the US who are living in areas where there is little competition, those who do have competition are likely to spend more than their peers in a similar location.
For example, a family with one person living in New York spent more on food and clothing than their counterparts in another city.
The researchers say that these savings can have an impact on a person’s retirement, and can help offset the financial costs of having to leave a significant portion of their income on the table.
While they’re not sure how many people in America will save for retirement, it’s likely that there are many who would rather have the peace of mind of knowing they’re saving than the worries of a difficult retirement.
“This study provides a good foundation for understanding the impact of savings on retirement, as well as the types of savings people should aim for,” said Richard Wrangham, chief executive officer at the retirement advisory firm Vanguard Group.
“People should understand that savings are a huge cost-of-living adjustment that they’re working towards, and not something they should worry about until they have a realistic budget.”
To find out more about the research and other insights into the retirement savings of the United States, visit the report here:The study also found that people who live near airports and large airports spend more money on food, clothing and transportation than those living closer to the city center.