Retirement planning should commence before the 40s or 50s, ideally starting in the 30s. Social Security benefits are generally expected to cover about 40% of pre-retirement income. However, younger individuals may find that estimates of future benefits are less accurate due to variable income growth. Creating an account on the Social Security Administration's website can provide an earnings statement and projected benefits, yet caution is advised in interpreting these numbers decisively. The article emphasizes the importance of savings and potentially working with advisors to bolster financial readiness for retirement.
As a general rule, you can expect those benefits to replace about 40% of your pre-retirement paycheck.
The sooner you start planning for retirement, the more likely you are to reach your personal goals.
It's a good idea to try to get a handle on what Social Security will pay you well ahead of retirement.
You should know that the younger you are, the harder it might be to get an accurate read on the future Social Security check you're in line for.
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