By Matthew Makowski There are many different types of retirement plans out there. And yet an estimated 64% of Americans aren’t prepared. What’s even worse is that nearly half don’t seem to care. And relying only on social security in retirement is a recipe for disaster.
For average earners, social security replaces about 40% of pre-retirement income. And you better believe that’s not going to cut it for most seniors. A more realistic figure is that folks need around 80% of their pre-retirement income to get by.
The 80% “rule” comes from the fact that in retirement, you won’t be paying payroll taxes towards social …read more
