A good retirement income is approximately 80% of your pre-retirement income before leaving the workforce. As a result, it's essential to have a retirement plan that includes a good mix of sources of savings and income. According to the National Retirement Security Institute, nearly 40 million households have no retirement savings. On the other hand, if you plan to pay off your mortgage before you retire or reduce your housing situation, you may be able to live comfortably on less than 80%.
With a retirement retirement calculator, you can estimate how much you need to contribute to an annuity to retire comfortably. The most important factor in determining how much you need to retire is whether you'll have enough money to generate the income you need to maintain the quality of life you want after you retire. This retirement security is important because it can help maintain the cost of living and prevent the purchasing power of retirement savings from diminishing over time. It doesn't necessarily cover all of the different variables that are included in your particular retirement income plan.
One more consideration when thinking about your retirement income is to plan the legacy you want to leave. The Boston College Center for Retirement Research publishes the National Retirement Risk Index (NRRI). The new retirement planner isn't a magic ball (although it sounds good), but it can provide you with very personalized and detailed answers and forecasts about your retirement income and expenses. Saving for retirement may seem like a daunting task, but it's possible to achieve a comfortable retirement income.
When you start planning your retirement income strategy, you'll need to consider your personal financial goals, future travel plans, and other expenses. 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. Keep reading below to see how your retirement income compares to the average retirement income in the rest of the country and what you can do if you think it won't be enough to meet your needs.