Only people who have been living under a rock for the past decade could possibly be unaware of how expensive a smoking habit can become.
The government has initiated massive tax hikes over the past decade on all tobacco products, almost doubling the price over 10 years. The reasons stated for this huge increase are so that it discourages people from smoking in the first place, and for those who still choose to do so it funds the additional medical treatment required by the majority of lifetime smokers.
Most smokers who have thought about quitting have, at some point or another, worked out how much money they would save if they were able to stop. Most have realized the sums are in the thousands of dollars over the course of a year.
A new report from the Investor’s Chronicle goes even further.
Paul Claireaux compiled figures for the exclusive report showing how an average smoker, classed as one who smokes around one packet each day, can have the equivalent of almost a cool $1 million in their retirement fund by the time they reach 65!
The actual figure is closer to $3 million, but the report takes into consideration inflation, making it worth the same as $1 million today. This figure works on the basis that a person who takes up smoking in their teens quits when they are 20 and puts the average price of a pack of cigarettes per day into a good company defined benefit plan, where employer matches contributions of 60% or more.
While the $1 million may not be achievable for everyone there are huge savings to be made by quitting or changing your smoking habits.
E-cigarettes are now in use by an estimated 700,000 people in the UK alone. These nicotine vaporisers emulate the action and effect of real cigarettes, but at only half the cost and with none of the associated health risks bar those from nicotine itself, which are minor.
If you want to get an idea of how much quitting smoking could make you, then try the Quit Smoking Calculator at ecigarettedirect.co.uk and see how much you could potentially save.
WSL Editors Note: For years I smoked cigars – not the fancy ones but the Swisher Sweets you can buy in a pack – and I was able to quit cold turkey (after attempting the patch a few different times). One of my close relatives has been trying to stop smoking and has tried the patch in addition to Chantix. It seems to be working for him other than the terrible side effect most experience: extremely vivid and crazy dreams. I experienced those same dreams while on the patch and I can say that it wasn’t very fun. Regardless, quitting smoking can save you a TON of money over the course of 10 or 30 years. If you’re looking for a way to boost that retirement fund, then look no further!
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