Retirement is a time to enjoy the fruits of your labor, but it's important to plan ahead to ensure you have enough money to live comfortably. A good retirement income is typically around 80% of your pre-retirement income, but this can vary depending on your individual circumstances. To make sure you have enough money for retirement, it's important to create a retirement plan that includes a mix of savings and income sources. Additionally, you should use a retirement calculator to estimate how much you need to contribute to an annuity in order to retire comfortably.
When planning your retirement income strategy, you should also consider your personal financial goals, future travel plans, and other expenses. The National Retirement Risk Index (NRRI) published by the Boston College Center for Retirement Research can help you determine if you have enough money for retirement. Additionally, Michigan's average retirement age is 62 and its average life expectancy is 77.60 years, meaning the average person should expect to live in retirement for 15.6 years. If you're worried that your retirement income won't be enough to meet your needs, there are several steps you can take to increase your savings.
First, consider paying off your mortgage before you retire or reducing your housing situation. This can help reduce the amount of money you need for retirement. Additionally, you can look into different investment options such as stocks and bonds that can help increase your savings over time. Finally, consider leaving a legacy for your family or donating to charity as part of your retirement plan.