What is a good monthly retirement income? Skip to main content

What is a good monthly retirement income?

 

What is a good monthly retirement income?

Introduction:

What is the best monthly retirement income plan? Well, that's a very good question. The answer depends on your goals and timeframe. If you're just starting out and don't have enough savings to reach your goals then you may need to make changes to your monthly retirement income plan. There are several different ways to go about it. But at the end of the day, any one way won't be perfect for everyone. So do your research carefully and choose what works best for you.

How much money will you need to retire? That depends on a lot of things, including your age, the cost of living in a particular region, your health, and lifestyle, and whether you have any other sources of income aside from Social Security. The average person retiring in 2015 should plan for about $1,329 per month in retirement income. This can be quite different depending on your personal situation, so how much do you need? Here are some factors to consider when planning for your monthly retirement income.

What is a good monthly retirement income?

There are many ways to think about retirement income. If you're a saver, then a good monthly income might be the amount of money that you need to live comfortably on your savings. If you're an investor, a good monthly income might be the amount of money that would allow you to retire early or even leave your job completely.

To help answer this question, we've created the Retirement Income Calculator. It lets you see how different levels of monthly income could work for you and help determine what level of retirement income is right for you.

The calculator will show how much money it would take to meet each goal, based on the following assumptions:

You have $1 million saved in an account earning between 3% and 7% interest per year (the more interest earned, the lower your monthly expenses will be).

You spend $10,000 per year on rent and utilities (these costs are adjusted for inflation).

If you've been working for a while and saving, it's time to think about how much income you can get from Social Security and your other sources of retirement income.

To figure out what amount is right for you, you'll need to know how long you plan to live, how much your health and lifestyle costs will be in retirement, and what kind of investment returns you want to earn.

You can use the retirement planning calculator at the National Institute on Retirement Security website to get an estimate of what Social Security benefits might be available when you retire. But there are many other factors that go into figuring out exactly how much money will be available in retirement.

Conclusion:

In addition to the details mentioned above, the post offers some important tips for the beginning of retirement or self-sufficient life from a personal finance point of view. The author's ultimate goal is to make $2,700 per month ($33,400 annually) or more in order to live comfortably. The monthly rate is higher than most people expect it to be at first glance so take time and read this article through as many times as needed to get a good picture of what you would need in order to pursue your own version of "the good life" after retiring.

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