Your retirement income will probably not be enough.
The Federal Reserve's most recent data reveals that the average American has $65,000 in retirement savings.
By retirement age, the average is estimated to be around $255,000.
Estimated and average doesn't mean much except to statisticians.
The average is skewed badly by the top 10% who will have millions in their retirement funds.
That means you will most likely have less than the average amount, which isn't enough anyway.
However, using this calculator, https://www.dollartimes.com/savings-last/255000, the projection is that the $255k will last ten years and seven months if you can get a 4.5% return on your investments.
I have also assumed you'll need $30k per year for living expenses.
Can you live on $30k pa?
Are you planning to only live ten years past retirement age?
I'm not.
We will all need a lot more money than that average sum.
It probably won't come from your boss or the government, so it's up to you to do more.
Time to take responsibility for your comfortable retirement.
Start with the plan I laid out in yesterday's email on this platform https://go.wm-tips.com/llhome.
It's free to use unless you want some of the Pro options, then it is the cheapest platform you can use.
Regards,
Brent.
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