Here’s how to make almost $4,000/month in retirement on a $45,000 salary, factoring in savings and Social Security benefits. investinyou (In partnership with acorns.)
Almost half of Americans plan to work past the traditional retirement age of 65, and their biggest motivation comes down to savings.
Among the people who plan to work longer, 78% said their decision stemmed from the fear of not having enough money to retire comfortably. That's according toBut it can be hard to figure out just how much money you will need to retire. Here's a case study.And if you have a traditional job, you already payIn this case, there are two puzzle pieces to your monthly retirement budget: your personal savings and Social Security.
NerdWallet crunched the numbers to figure out the personal savings side of your retirement plan. These numbers assume you save 10% of your $45,000 income a year, get a 6% return on your investments while you are working and retire at 67. And for retirement, we assume a 3% return on your nest egg. Check out the video to see a breakdown of how much money your savings and Social Security benefits will translate into when you retire.
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