If there is one favor that the “Great Recession” of 2008 provided us, it is the realization that we don’t need as much to live on as we thought.  Most families were forced to identify expenses to cut to make ends meet.  And in many cases, we also found out that many of those expenses not only weren’t necessary but actually complicated our lives more than they helped. 

A recent study of “wealthy Americans” by PNC Wealth Management¹ sheds some interesting light on this idea:

-42% have cut their spending on non-essential goods
-88% state that it is “more important than ever” to live within their means
-66% have developed a greater appreciation for the non-material wealth in their life
-50% feel more centered as the recession has caused them to re-evaluate their priorities

Other studies come to the same conclusion.  Although changes may have been forced on them, many have discovered that a focus on the “non-material” pleasures of life produces more meaning and helps balance the monthly budget.  That is what we call a Win-Win!

We’ve developed a Retirement Fact Sheet that highlights recent facts, trends, and developments regarding retirement planning.

¹PNC Wealth and Values: Resetting Values, January 11, 2010.