Retirement Tips & Advice

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Understanding Retirement

According to the U.S. Social Security Administration, retirement age can be anywhere between 62 to 70 years old, but most Americans work as long as they have to in order to make ends meet. When you’re thinking about your future, ask yourself what you want out of life. For some, working doesn’t sound all that bad. Others, however, dream of traveling the world, spending quality time with their children and grandchildren, or retiring early.

Contributing funds early and regularly to a Roth IRA or a 401k — especially if your company offers an employer match — is one key to securing a financially happy retirement.

When you are preparing for retirement, experts recommend that you pay down debts (including your mortgage), live below your means and limit nonessential expenses — yes, that means new golf clubs.

Retirement might feel far away, but saving now will lead to a more comfortable and financially stable future.

FAQ

Here are the answers to some of the most frequently asked Retirement questions.

Though what you need to live comfortably in retirement will vary on several factors such as location, monthly expenses and medical needs it is estimated by experts that you should roughly have anywhere from 65% to 80% of your annual pre-retirement income. For example, if you make $80,000 a year now, in retirement you should try to plan on having $52,000 to $64,000 worth of income for each year in retirement.

Learn More: How Much a Comfortable Retirement Will Cost You in Each State

If your goal is to retire early there are many steps you can take to make sure you are financially covered after you stop working. You can start by paying off and avoid more debt. After that, you should contribute to a workplace retirement plan, especially when it is employer-matched, and consistently invest in other options such as a Health Savings Account, or HSA.

Learn More: I Retired Early: Here’s My Monthly Budget

Though the standard retirement age typically falls between 65 to 67, when you retire depends on what kind of income, benefits and retirement savings you will have access to after you stop working. Your financial situation will dictate the best time for you to retire which is when you know you can live off of all of your retirement assets.

Learn More: Retire at Any Age: How To Get There by 30, 40, 50 and 60 Years Old