SOCIAL SECURITY COVERS ABOUT 40% OF YOUR RETIREMENT NEEDS – LET’S GET TO WORK AND CLOSE ANY GAPS!
Disclaimer: Good Day, Readers. WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.
SOCIAL SECURITY COVERS ABOUT 40% OF YOUR RETIREMENT NEEDS – TIME TO CLOSE ANY GAPS!
Many people believe Social Security will pay enough to meet their current standard of living. Unfortunately, that is often DEAD WRONG!
An average American can expect Social Security to replace about 40% of retirement needs. In a recent report from the Nationwide Retirement Institute, 49% of Americans didn’t know what percentage of their income Social Security would replace in retirement. It is essential to get a solid handle on that figure for financial planning.
Most seniors need about 80 percent of their pre-retirement income to live comfortably in retirement.
CLOSING THAT 60 PERCENT!
First, get an estimate of your monthly social security and other retirement benefits (pensions, etc.).
Create an account on the Social Security Administration’s website. Your monthly Social Security benefit is calculated based on your earnings during your 35 highest-paid years in the labor force. The estimate may be low depending on how many years you have worked. Use this number as a starting point in determining how much additional income you want for retirement.
Next, increase your retirement savings. There are numerous retirement accounts available:
- 401K-Plan
- Individual Retirement Account {IRA}
- ROTH Individual Retirement Account {IRA}
- Health Savings Account
- AND MORE OPTIONS
Below past blogs offer more information on all the above accounts.
REFERENCE SOURCE
LET’S MAKE SOME MONEY – CRYPTOCURRENCY IS ACCEPTED!
WHAT SUBJECTS DO YOU WANT TO READ MORE ABOUT? WHAT QUESTIONS CAN I ANSWER? UNTIL NEXT TIME!
YOUR GREATNESS IS NOT WHAT YOU HAVE; IT’S WHAT YOU GIVE! – SOME CHARITIES I SUPPORT
St Jude Hospital: https://www.stjude.org/
Wounded Warrior Project: https://www.woundedwarriorproject.org
Folds of Honor: https://foldsofhonor.org
Wilson’s No-Kill Animal Shelter: https://wcnkas.org
TRUST ME – YOU WILL LIKE THE BELOW BLOGS!
ACHIEVING YOUR FINANCIAL FREEDOM WITH THE 401-K & GREAT NEWS – CONTRIBUTION LIMITS INCREASE IN 2022 – WHAT ARE YOU WAITING FOR?
BUILDING FINANCIAL FREEDOM/LEGACY TEN DOLLARS AT A TIME!
SO YOU DECIDED TO GIVE 3/4 OF A $$-MILLION TO A COMPANY WORTH $$-BILLIONS?
THE ROTH IRA IS SO GOOD THE FEDS MADE A MISTAKE!
YOUR BIGGEST RISK TODAY – A LONG LIFE!
ONE OF THE WORSE MISTAKES YOU CAN MAKE WITH YOUR 401 – (K) WHEN CHANGING JOBS
RETIREMENT PLANS OTHER THAN THE 401-K TO GENERATE > $1 MILLION PORTFOLIO!
This Group of People Is Most Likely to Retire Broke
The Oracle of Omaha’s Investment Strategy Explained
Bill Gates Says This Is the Most Important Thing He’s Learned from Warren Buffett. (Hint: It Has Nothing to Do with Money) Two billionaires are linked by one common denominator.
WARREN BUFFETT’S NET WORTH IS DRIVEN BY THESE IRONCLAD TEN RULES
Warren Buffett Says This 1 Simple Habit Separates Successful People From Everyone Else http://flip.it/_AzPx9
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WARREN BUFFETT UTILIZED COMPOUND INTEREST TO BECOME THE 3RD RICHEST MAN ON THE PLANET!
WANT TO LEARN HOW TO BECOME WEALTHY – READ “THE MILLIONAIRE NEXT DOOR”
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
COMPOUND INTEREST IS THE EASIEST WAY TO DOUBLE OR TRIPLE YOUR MONEY
INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
INVESTING IN STOCKS IS COLOR BLIND – WHAT IS STOPPING YOU?
FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME!
https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/
To Join Wealth Building Powers BLOG:
PLEASE SIGN UP TO FOLLOW ME BY PROVIDING YOUR E-MAIL IN THE WORDPRESS BLOG PAGE SUBSCRIBE BOX!
Thank you to my followers and readers for your likes and comments. All comments, recommendations, and feedback are welcomed and utilized to improve this blog.
ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an NC. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, and real estate and am happy to share my finance and investment lessons. I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog as recommendations for your situation. As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss.
Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
