"Receiving social security in retirement certainly provides the financial backbone for the majority of Americans entering this new stage of their life. With monthly payments from the government made to seniors in proportion to their inputs over their working career (and factoring in other metrics such as years worked and whether the maximum was received in certain years), the social security payments older households receive can cover a significant portion of one's expenses in retirement."
"The thing is, most financial experts will point out that these payments may provide a lifestyle baseline, but are unlikely to cover the travel, leisure and other goals many Americans have when they retire. Being able to see the world while one is in good health is important, and enjoying spending money on family gatherings and time with loved ones can be expensive."
Consolidating expert input highlights key retirement planning priorities for Baby Boomers and others approaching retirement. Search engines can help answer portfolio-setup questions for the transition from full-time work. Individuals may retire early or work longer, so building options that enable stepping away from daily work is important. Social Security supplies a financial backbone and can cover a significant portion of retirement expenses based on career inputs and work history. Social Security typically provides a baseline but often falls short of discretionary goals like travel and family activities. Creating meaningful passive income streams beyond Social Security supports non-essential spending and a more comfortable retirement lifestyle.
Read at 24/7 Wall St.
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