Retirement Financial Focus Shifts

This is a news story, published by Yahoo Finance, that relates primarily to Social Security news.

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retirement budget

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retirement plan

SmartAsset

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I'm 65. What's My Retirement Budget With $1.2M Saved and $2,900 a Month in Social Security?

Summary

Nutrition label

77% Informative

As you approach retirement, your financial focus shifts to managing and budgeting that wealth.

A financial advisor can help you build an effective retirement plan.

Most years you will collect either significantly more, significantly less, or nothing at all.

Without a good plan to manage the down years, you can easily find yourself spending a year living off Social Security alone.

Your budget must account for required minimum distributions (RMDs) This is the amount that the IRS requires you to withdraw from any pre-tax portfolio each year starting at age 73 .

At the Federal Reserve’s benchmark inflation rate, a household can expect their spending power to halve roughly every 30 to 35 years .

Inflation is one of the sneakiest pitfalls in retirement investing.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive