Retirement is a time of life that many people look forward to, but it can also be a source of worry. How much money will you need to maintain your lifestyle? What sources of income will you have? The average retirement income in the US can provide some insight into these questions. The amount of money you need to retire comfortably depends on many factors, such as your age, health, and lifestyle. Most experts agree that you'll need between 70 and 80% of your pre-retirement income to maintain your standard of living.
This is known as the “80% rule”. To get an accurate estimate of your retirement income needs, you should first calculate your expenses. This includes both fixed costs, such as housing and utilities, and variable costs, such as food and entertainment. You should also plan to have enough money saved to cover your retirement expenses for at least three to five years. Social Security benefits are a major source of income for retirees in the US.
According to a report by the U. S. Census Bureau, Social Security income accounts for more than 50% of retirees' total monthly income. Other sources of income include retirement accounts (17.2%), public assistance (3%), veterans benefits (4%), and no income (1%).An annuity can be a great way to supplement your retirement income.
An annuity guarantees an income for the rest of your life and can help protect against inflation and market volatility. You can use an online retirement calculator to estimate how much money you need to contribute to an annuity in order to retire comfortably. Saving for retirement may seem daunting, but it's possible with the right plan. Employer-sponsored retirement plans can help you reach your financial goals. It's also important to get help from a licensed financial professional who can provide free advice on how best to save for retirement. When researching the average retirement income, it's important to remember that everyone's circumstances are unique.
You may be able to live well on Social Security alone, while someone else may need additional sources of income. Use our monthly annuity calculator and get a free quote today to see how you can spend your best years.
