Retirement planning can be a daunting task, especially for couples. With two people to plan for, it can be difficult to know how much you need to save and what sources of income you can rely on. Social Security is an important source of income for most seniors, but it only replaces about 40% of the average wage earner's income during retirement. That can leave a big gap to fill.
Fortunately, couples have the advantage of planning the income and savings of two people, which can help increase their spending (and saving) power. In addition, a couple's average retirement income may be more than double the average retirement income of a single person. To get an idea of how much you need as a couple to retire comfortably, you may want to consult a financial professional. They can help you adjust your retirement plans to suit your needs.
There are also several tools available that can help you estimate how much you need for retirement, such as a retirement calculator. This calculator can help you analyze considerations when planning your retirement, including your investments, inflation, and the amount of your income you expect to replace. Once you have a rough estimate of your annual retirement expenses, multiply them by the number of years you expect your retirement to last, adding 3% annually to offset inflation. This will give you an idea of how much you need to save for retirement.
You may also want to consider working in retirement, either full time or part time. This can provide additional income and help maintain the cost of living in retirement. My goal is to help couples take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates. With careful planning and preparation, couples can achieve a comfortable retirement income and enjoy their golden years.