Are you ready for retirement?
Whether retirement is years away or right around the corner, it's important to know what to expect during retirement, how much money you might need to live comfortably, and how much money you may have when you retire.
How much will you need for retirement?
How much will you have for retirement?
How much will you need for retirement?
While it's impossible to know exactly how much money you'll need for retirement, you can come up with a rough idea by comparing your expenses with your projected income, making adjustments as necessary. Experts suggest that you'll need approximately 70% to 80% of your pre-retirement income during your retirement years.
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How much will you have for retirement?
Preparing for a financially secure retirement is no small feat. As with all serious endeavors, advance planning and flexibility will be your greatest assets. Many retirees underestimate their income potential by not considering all of the sources available to them.
Sources of income
Like most people, you're likely to have multiple sources of income during retirement. Keeping track of where your money is today and where you can expect it to be coming from tomorrow can give you a better sense of what you need to do to prepare for the future. Consider:
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Social Security – Social Security may provide less than 40% of your income during retirement.* To receive an estimate of your Social Security benefits, contact the Social Security Administration at 1-800-772-1213 or visit www.ssa.gov.
*Social Security Administration, Office of Research, Statistics, and Policy Analysis, Income of the Population 55 or Older, 2008 (released April 2010).Find out how much income you may receive from Social Security »
- Company-sponsored retirement plans – Savings accumulated through these plans are likely to make up a significant portion of your income during retirement.
- Other potential sources of income – Pensions, Traditional or Roth IRAs, life insurance, individual annuities, real estate, part-time work, family inheritance or trust, and equity in your home may also help support you during retirement.
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