"If you're over 50, it's probably time to start thinking seriously about retirement if you haven't done so already. At this point, you may only have about another decade of work ahead of you - or maybe less, depending on your exact age. And it's important to understand the role Social Security will play during your senior years. In a nutshell, you can expect Social Security to replace about 40% of your pre-retirement earnings if you bring home an average wage."
"If you're a higher earner, though, then you might get even less replacement income out of Social Security. Now let's talk about how much income you might need in retirement. If you expect to live a modest lifestyle, you may be just fine if you're able to replace 60% to 70% of your regular paycheck. If you have big goals for retirement, you might need 80% of 90% of your salary, or even 100%, to pull them off."
"No matter what lifestyle you're hoping and planning for in retirement, it's pretty clear that you're not going to achieve it on Social Security alone. So it's a good idea to hold investments that pay you on a regular basis. With that in mind, here are three ETFs you may want to consider buying soon. Not only might they help you build more retirement wealth, but they can also serve as steady income once your career comes to an end."
Social Security generally replaces about 40% of pre-retirement earnings for average wage earners, and higher earners can expect a lower replacement rate. Modest retirement lifestyles may require replacing roughly 60% to 70% of pre-retirement income, while more ambitious plans might demand 80% to 100% of prior earnings. Social Security alone is unlikely to cover typical retirement needs, so holding investments that generate regular income is recommended. The JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) targets Nasdaq-100 companies, leans into tech and growth stocks, and uses covered calls to generate higher monthly income for investors with elevated risk tolerance.
Read at 24/7 Wall St.
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