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While there is probably statistics on the average retirement amount to live off, the answer to this question depends on a person's specific financial situation. Typically you spend about 75% of your pre-retirement spending during the initial years of your retirement. This amount increase each year during your retirement by inflation. Therefore you need to generate enough retirement income to cover your specific retirement spending. This is difficult to calculate for some people.
I suggest visiting the Retirement Calculator at VestingPoint.com (see link). It will help you determine how likely you are to have enough money for your retirement. You can try the site for free.
What else can I help you with?
How much do mail carriers make per year?
It is said that the USPS provides retirement and disability coverage, but the exact amount differs for each carrier. Reportedly, retirement and pension for postal workers is not enough to live off of.
Is the retirement age a law or is it just the custom in your country?
Retirement in the US is an option rather than a law. A person who reaches retirement age may stop working and live off their available retirement funds; however, they are not required to stop working.
Can you live off of Marine Base?
While serving you can request to live off base and receive a "housing allowance", which is an amount determined by the average monthly cost of housing in your zip code. You could even request a loan to pay for a house off base. If you are married you can also live off base, no request required.
What age can NFL player get his retirement?
They don't get "retirement", usually. They're expected to invest the gazillions of dollars they're paid for playing a game and live off of that for the rest of their lives.
What are the average wages in the US?
The average annual household income in the United States as of 2011 is $46,326. This is subject to some criticism, as many perceive this to be an extremely unsatisfactory amount of money to live off of.
How much should I save for retirement by Atlantic International Partnership?
One rule of thumb is that you'll need 70% of your pre-retirement yearly salary to live comfortably. That might be enough if you've paid off your mortgage and are in excellent health when you kiss the office good-bye. It's important to make realistic estimates about what kind of expenses you will have in retirement. Be honest about how you want to live in retirement and how much it will cost.
What percent of your current income do you need to retire?
The answer to this question depends on your personal situation. One way to determine this is to look at your personal spending budget and then remove any items that do not occur during retirement. For example, most people want to pay off the mortgage before they retire. In that situation they can subtract their mortgage payment from the current spending to determine their retirement spending. Also you need to add back anything that you would spend in retirement but not before. For example, long-term care insurance might be an item you pay for only during your retirement years. Another way to calculate this is to use the rule of thumb that most people spend 75% of their pre-retirement expenditures during retirement. Once you have the retirement spending amount you can calculate the amount of retirement income you need by dividing your retirement spending by (1 + your average tax rate). You can then compare this number to your current income to get the percentage of your current income you need during retire. One last thing, you need to be aware that your retirement income needs to go up each year by inflation to cover the increases in your retirement spending.
Paying Off Your House is Important for Retirement?
With uncertainty over retirement options, specifically what benefits will be available to who, and at what age you'll be able to start collecting, one key to ensuring a successful and stress free retirement is to pay off your home. Without worrying about the monthly mortgage amount, your fixed income will stretch a lot farther and you can even borrow against the equity if necessary. Through home equity loans or a reverse mortgage, you can help finance retirement through what is often your largest asset.
At what age should a person start looking into retirement income planning?
A good rule of thumb with retirement planning is the earlier the better. If a person starts saving, even a small amount, in his 20s, he will be far better off than an individual who waits until his 50s to start saving. The more time the money has to compound, the better off the funds will be.
What is the average annual salary for a graphic designer in California?
enough money to live off of
If you have debt but have retirement accounts is it better to pay off the debt with the money in the retirement accounts?
Yes. Paying off debts is always in your best interests. Not necessarily. Unless the debt is substantial, it's far better to pay off the debt with money outside of a retirement account. Otherwise you are sacrificing your retirement and years of compound interest that can't be replaced. Your retirement accounts aren't a piggybank--if you aren't of retirement age, they should only be tapped in the case of an emergency, and just having a debt isn't an emergency.
What laws governs the hiring of older people?
Usually, elder or senior citizens are given the choise of retirement at the age of 65 and most take it. They live off a portion of money that they paid in their taxes from the government. Although retirement is common, you can still work if you choose to or do volunteer work.
