Consulting with an experienced financial advisor is a great way to design an individualized retirement income plan that fits your unique needs. One more consideration when thinking about your retirement income is to plan the legacy you want to leave behind. So while there's no single answer to “what's a good retirement income?” , working as a team with a qualified financial advisor can help you chart a clear path to chart your personal retirement goals.
The median and average numbers weigh differently when considering which is most relevant to retirement planning. Therefore, when you are creating a retirement plan as a couple, financial experts will recommend that you evaluate your financial situation and make appropriate adjustments.
Financial planners often recommend replacing about 80% of your pre-retirement income to maintain the same lifestyle after you retire. A general rule of thumb is that you'll need 70% of your annual pre-retirement salary to live comfortably.
Knowing the average retirement income in the United States can help you see how it compares to the national average. If you're not sure how much money you'll need to retire, these numbers can also give you a reference when planning this stage of life.