The 1 Retirement Planning Hiccup You're Probably Not Accounting for
Though Social Security may end up providing quite a bit of retirement income for you, it shouldn't be your only source. Those benefits will only replace about 40% of your paycheck if you're an average earner, and most seniors need about twice that income level to keep up with their expenses. As such, it's important to try to sock away a nice chunk of money for the future.
But not everyone gets an early start on retirement savings. In fact, some people deliberately hold off on funding a retirement plan until their 40s or 50s, opting to focus on other goals first, like paying off debt, buying a home, or putting their kids through college.
Here's the problem, though. While you might think you'll have an opportunity to play catch-up on the retirement savings front, the reality is that your career may get cut short on you. And that could leave you in a serious financial lurch for the rest of your life.
Source Fool.com
