We explore the internet for the attention-grabbing headlines so you can have the scoop with the latest news in personal finance.

Here’s what you need to know this week:

  • The Center for Retirement Research says that if your pre-retirement income is in the six-figures, you might not be able to maintain your standard of living in retirement. In fact, high-earners will see their income decline after age 65, with the highest earners only making 58% of their previous income. In the USA Today article Why High Earners Need to Save More, there are tips for the type of savings plan you need, depending on your income, in order to save enough to maintain your standard of living.
  • The best way to save money is to track your budget month-to-month. Business Insider summarizes a detailed inside look into how an average millennial is handling his money in the report, Here’s The Budget Of A 25-Year-Old Who’s Better With Money Than Many People Twice His Age as an example of a good budget. Between handling a mortgage payment, an investment account, groceries, student loans, health insurance, gas, car insurance, and more, learning how to balance the budget can be difficult.
  • Early preparation for life’s big events – a wedding, buying a house or car, sending a child to college or starting a family – will help you keep your emotions in check. The Wall Street Journal says keeping emotions in control is crucial for keeping your finances on track. In the article, So Your Life Is About To Change: How You Should Be Preparing For A New House, Spouse or Child, there are several strategies to consider for when the big moment arrives.

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