How Much Should You Really Be Spending on Beauty Products?
Four women hand over their salon statements and Sephora receipts to our expert analysts to find out whether their beauty spending fits their budgets
"An estimated two-thirds of baby boomers haven't saved enough money to maintain their standard of living in retirement," says Matthews. "A 2010 survey showed that 34 percent of Americans actually have zero retirement savings and 22 percent of that number are people older than 65." If a baby boomer has no retirement plan in place, she should immediately cut back on all nonessentials. "A baby boomer doesn't have that much time to save, unless they're OK with working until they're 80 -- assuming there is a job they can do, and they're in good health," says Matthews.
Her best advice? "We need to spend on certain things to make our lives meaningful, and we do have to take care of our present selves as well as our future selves. So the general principle is to find a balance."
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