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More Comfortable Retirement with Lower Risk? 7 Simple Things Help
It’s not rocket science, but you may not have heard of most of these…
If you’re like most people, you’ve at least thought about whether you’ll be able to retire, and how to get from where you are now to retiring.
If you’re like most people, you’re also unlikely to retire comfortably.
Why Your Retirement Will Likely Be Less Comfortable Than You Think
Start with Social Security.
For simplicity, assume you’ll be single when you retire (US News & World Report quotes US Census data showing 31 percent of men and 55 percent of women 65 or older are single, so it’s almost as likely as not).
According to DQYDJ, the median income of 67-year-olds is $50k so assume that’s what you’ll make before retirement.
Using the Social Security Administration (SSA) formula, your retirement benefit at full retirement age (FRA) would be about $24k a year (assuming benefits don’t drop 20+ percent around 2034).
However, you’ll have at least some money set aside by retirement, right?
Sure, but how much?
