3 Retirement Rules You Should Know by Heart
You've worked hard all your life and are looking forward to a time when you can leave your career behind you and enjoy the fruits of your labor. But there's a lot of thought that needs to go into retirement, and if you don't plan for it carefully, you could wind up in financial trouble sooner than you'd think. Here are a few retirement rules to keep in mind as you map out your future.
Almost 25% of seniors depend on Social Security as their single source of retirement income, while 65% rely on it to provide the bulk of their income. But in reality, the average American can't come close to retiring on Social Security alone. That's because Social Security, in a best-case scenario, will only replace about 40% of the typical worker's pre-retirement income. However, most seniors need at least 80% of their former earnings to cover the bills in retirement, and that assumes a relatively modest lifestyle.
IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com
