Retirement Budgeting: Understanding the Cost of Retirement:
The following excellent article is quoted from Moneywise by by Amy Legate-Wolfe: UNDERSTANDING YOUR RETIREMENT INCOME Retirement Income - Social Security "Social Security retirement benefits averaged $1,782 per month in February, for a total of $21,384 per year, according to the Center on Budget and Policy Priorities . Broken down weekly, that’s roughly $450, not exactly a king’s ransom. Social Security: $1,782 per month ave. or $21,384 Americans 65 years and older reported a median annual income of $47,620 in 2021, according to the United States Census Bureau . However, the median for all households came in much higher, at $70,784. Furthermore, the 65-and-older figure was 2.6% lower than in 2020. Especially once medical expenses are factored in, it’s risky at best to count on Social Security to cover all retirement expenses. UNDERSTANDING YOUR RETIREMENT EXPENSE American's 65 and over, spent an ave. of $49,872 per year The Bure...