How Much Money Do You Need to Retire at 65 in the US?
Learn how much to save for retirement in the US, considering life expectancy, lifestyle, and Social Security benefits.
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To retire at 65 in the US, it is generally advised to have $1 million to $1.5 million saved. This amount considers average life expectancy, inflation, and a moderate lifestyle. Utilizing Social Security benefits and keeping healthcare costs in mind are also critical factors. It’s wise to consult with a financial advisor to tailor a plan specific to your needs.
FAQs & Answers
- What is the average retirement income needed at 65? The average retirement income needed varies, but many experts suggest aiming for 70%-80% of your pre-retirement income.
- How do I plan for healthcare costs in retirement? Consider factors like Medicare coverage and out-of-pocket expenses. It's advisable to save additionally for healthcare beyond standard savings.
- How can Social Security benefits affect my retirement savings? Social Security benefits can supplement your retirement income, potentially reducing the amount you need to save independently.
- When should I consult a financial advisor for retirement planning? Consulting a financial advisor yearly or when major life changes occur can help tailor your retirement strategy effectively.