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Retirement Income
Featured Blogs: The Retirement Beat, Retirement Roadmap
How much income will I need in retirement?
During an average retirement you’ll need 70-80 percent of your pre-retirement income to maintain the standard of living you enjoy while working, according to most estimates. You don’t need to reproduce your full paycheck, according to this thinking, because you’ll no longer have work-related expenses like commuting costs and Social Security taxes.
But who plans on having an average retirement? To protect against unpleasant surprises, you should sit down and estimate your expenses yourself. Take your current spending and adjust it based on the ways your expenses are likely to change after you retire. You’ll have lower commuting costs, but your medical costs are likely to rise. You may not have a mortgage, but you may spend more on travel and recreation.
The following links offer tools for building a retirement budget and estimating retirement health care costs, as well as tips for uncovering your own retirement income rules of thumb.
Editor's Pick
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How Much Retirement Income Do You Need?
MoneyWatch's Jill Schlesinger does the math for you -- and explains how you can protect against unpleasant surprises.
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The Ultimate Retirement Fix
Don’t bank on Washington or a major market rebound. This fix is up to you.
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The Best Retirement Plans
Whether you’re working for a company or self-employed, these tax-favored savings plans can help you get your retirement account growing again.
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Building a Retirement Budget
Come up with a monthly spending plan using this tool, which compares income with expenses to see what needs to be adjusted.
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Retirement Income Calculator
Calculate the likelihood of your savings lasting through retirement, and devise alternatives in case of a shortfall.
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Estimating Retirement Health Care Costs
Health care costs are on the rise, and individuals must shoulder more of the burden. Use this guide to plan for the expense of long-term health care.
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Retirement Income “Rules of Thumb”
Guidelines to figuring out how much income you’ll need to live on.
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Putnam iPhone app helps users see savings impact
Here's one more reason to feel good about saving money on a big purchase. A new iPhone app from Putnam Investments will enable its customers to translate savings on a proposed purchase into the amount of income they would receive in retirement if they were to apply that amount to their...
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Jill on Money: Real Estate, Life Insurance and Retirement Income
It was a pretty rough week on Wall Street--disappointing data on housing, manufacturing and jobs pushed down stocks. But "Jill on Money" callers got busy taking care of the issues that they can control, like managing their financial lives! Frank from Michigan and Linda from Los Angeles both...
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Retirement Planning Advice from Homer Simpson, Clark Gable and Tom Cruise
Some of the most famous lines from movies and TV can give you valuable insights for retirement planning - what to do and what not to do. Read here for some inspiring and informative advice. by Steve Vernon
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Divorced? How to Get Social Security Benefits From an Ex-Spouse
Social Security benefits for a divorced spouse can help make ends meet in retirement. However, most likely you'll need additional sources of retirement income. Read here for details. by Steve Vernon
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Planning Your Retirement: The Best Ways to Generate Lifetime Income
Many people struggle with the task of using their retirement savings to generate lifetime retirement income; this post will help you tackle this difficult challenge. by Steve Vernon
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How Much Retirement Income Will Your Savings Provide?
It may be the most critical question you face as you approach retirement. There's no single answer, but there are smart ways to weigh your options. by Steve Vernon
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Jill on Money: Obama on Economy, SS Tricks and Retirement Income
President Obama made an appearance on the radio show this week...sort of. I was fortunate enough to participate in the CBS News Economic Town Hall with President Obama during the week, so I started the show with a few clips from the event and the web-extra edition that I co-hosted with John...
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Planning Your Retirement: The Best Investments to Generate Income
Suppose you've done a good job investing and accumulating money in your IRA and 401(k) plan, and now you're deciding how to best deploy those assets to generate retirement income. Which investments might work best for you? Read here for insights. by Steve Vernon
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Start Social Security Early and Invest? Ask the Actuary
Is it a good idea to start your Social Security benefits as early as possible (age 62), even if you don't need the money to meet your living expenses, and then invest this income? It depends on a number of factors, but it boils down to: Do ya feel lucky? Read here for details. by Steve Vernon
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How to Retire When You Have No Retirement Savings
If you're one of the millions of boomers approaching retirement age with low to no retirement savings, should you just wring your hands in despair and give up? No way! You'll just have to be resourceful, and make the best use of the assets you have. Read here for ideas. by Steve Vernon
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