A Surprising Expense That Can Impede Retirement Planning

When it comes to retirement planning, the earlier you get started, the better.  Because planning early is so important, unexpected expenses early in one’s career can thwart retirement planning for the future.  Surprisingly, the largest expense for many young families across the nation is childcare. 

A recent study conducted by care.com says that the average family can expect to pay $18,000 per year in childcare.  Forty-two percent of families do not budget for childcare, and seventy-five percent are “shocked” at the total costs. 

Yet with the right planning, you can take steps to take control of your taxes and lower your tax bill. 

See Brian Stoffe, The Unexpected, Enormous Expense That Throws Retirement Planning Out the Window (Hint: It’s Not Healthcare), The Motley Fool, June 28, 2014.