Retirement Income – What is Your Goal? - CNBC
Most financial planners will say your income in retirement should be at least 70% of what you income was before you retired in order to maintain your same lifestyle. That can be a pretty challenging goal for many of us, because when the paycheck goes away we need to backfill it with other sources of income. And what might those other sources be? Well, the obvious are pensions, investment returns, withdrawals from tax deterred accounts, savings, annuities, Social Security and – guess what – working. According to a recent survey, about 75% of American retirees don’t achieve that 70% goal and at least 50% live on retirement income less than half of what they were getting before retirement. That’s a pretty sobering thought and a wake-up call for those who still have time to adjust their retirement plan. This CNBC article by Lori Konish provides insight on steps you can take to improve your future retirement comfort, including how to maximize your Social Security benefit. Click here to read more.