Retiring on a Budget
Many experts throw around arbitrary savings numbers to shoot for in order to sustain an expected quality of life in retirement. One commonly quoted amount is $1 million. This is unrealistic for many people and is by no means the only way to enjoy a healthy retirement. It is more than possible to have a comfortable retirement living on less than the median household income. The Bureau of Labor reports that income expenditure drops off drastically in retirement, showing that the average household of ages 65 and over live on 34,000 to 47,000 dollars annually. For more information, visit this article by Chuck Saletta with The Motley Fool.
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