Here's How Much Monthly Income You'll Need If You Retire in 2027
A quick breeze through the numbers can help you determine whether you're ready to stop working.
Overview
What's the first step in preparing to retire next year? Start with figuring out just how much you'll actually need each month in retirement. That will depend on your personal finances, but here's some quick math.
According to federal data, the median weekly paycheck in the United States is approximately $1,235. That adds up to $64,220 annually, or $5,351 per month. Fidelity estimates that retirees typically spend 55% to 80% of their preretirement income. Assuming the high end, that's $4,281.
Details
From there, you can begin adding in your income streams to see how you meet that benchmark. Here's how that might look.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.