Retirement Income: What Is Considered ‘Good’ and How to Achieve It
A good retirement income is typically one that allows you to maintain your standard of living without having to worry about running out of money during your retirement years. Generally, it is recommended to aim for a retirement income that replaces at least 70% to 80% of your pre-retirement income. This means that if you’re earning $50,000 per year before retirement, you’ll need a retirement income of $35,000 to $40,000 per year to maintain your lifestyle. Of course, the exact amount will depend on your individual circumstances, including your expected expenses, lifestyle, and retirement goals. To achieve this, it’s important to save early and regularly, invest wisely, and consider factors such as inflation and healthcare costs in your retirement planning.
To help ensure you have enough income in retirement, you must have a diversified retirement portfolio that includes a mix of stocks, bonds, and other assets. Additionally, you may want to consider sources of retirement income beyond just your personal savings, such as Social Security, pensions, or rental income. Ultimately, the key to a successful retirement is to start planning early, set realistic goals, and regularly review and adjust your plan as needed to ensure you can enjoy a comfortable and financially secure retirement.
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