Yahoo Finance
For an average single person planning to stop working at 64, a $1.2 million401(k) accountand $2,800Social Security benefitcould provide enough income to make ends meet during retirement.
Widely used guidelines suggest your annual income may be around $81,600, which may or may not be more than your annual expenses.
Much depends on individual circumstances, including the kind of retirement lifestyle you desire, your location and future trends of inflation, taxes and investment returns.
To get a comprehensive workup of your retirement budget, take the question to afinancial advisor.
Income and expenses represent the two sides of your retirement budget.
Both are equally important and decisions you make regarding either can affect the overall accuracy and dependability of the budget.
You can estimate expenses by using averages for typical retirees or by considering specifics of your situation with estimate for categories such as housing, healthcare and taxes.
Similarly, you can estimate future income with general guidelines or by accounting for specifics such as your personal investment preferences.
In your case, we’ll start with income since we have information about that.
Despite the possibility that Social Security benefits will becut by about 20%after 2035, your $2,800 Social Security benefit can probably be relied upon.
And benefits are indexed to a cost-of-living benchmark, providing protection against inflation.
Note, however, that if you wait to claim benefits, your monthly amount willincrease every yearuntil you are 70.
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