With all the talk of most Americans not saving enough for retirement one local financial advisor is getting national attention for his theory that most Americans are saving too much and can actually retire early.
Ty Bernicke will appear on CNN's "in the money" to discuss his recent article comparing traditional retirement planning to what he calls "reality retirement planning".
Bernicke says some people actually over save for retirement. He says each year people age they spend less in every major spending category like food, travel, housing and entertainment.
"Most people are very receptive to this type of planning because they remember aunt Martha or uncle Tom that just hardly spent anything when they got to be 80 or 85 and so most people can look back at a family member and say, 'oh yeah that does make sense."
While health care is the one cost category that does increase with age, Bernicke says it doesn't outweigh most people's overall cost savings giving them, on average, an extra five or six years of retirement.