Setting Retirement Income Goal

Adrian Nichola

Active member
1. Be realistic when setting your retirement income goal - Low interest rates affect the amount of income you earn from your investments, while
bear markets that occur every few years affect the value of your net worth, as you may have read here.

2. Consider expenses when setting your retirement income goal so you can easily cover them.

3. Consider downsizing to take some of the pressure off on needing a set level of income.

4. make a bucket list of things you really want to do after you retire and go from there.

5. Think outside the box when setting your retirement income goa
 
There really is no single number that would guarantee everyone an adequate retirement. It depends on many factors, including your desired standard of living, your expenses (including any medical costs) and your target retirement age. Stay on track with a retirement savings goal. With your monthly savings goal in hand, create a budget that can help you reach it. Write everything down so you know what’s coming in and what’s going out. You need to have more income than expenses, because that’s your savings. If you don’t, you might need to make some sacrifices.
 

Alexandoy

VIP Contributor
I have not met my retirement goal but fortunately it is continued by my wife. With her huge retirement pay 2 years from now we can use that to buy a lot and build an apartment. The rental for the apartment will augment our pensions for our needs and probably have some luxuries in life like traveling abroad and vacationing in resorts.
 

sincerem

VIP Contributor
We ought to have income that is greater than our expenses. If our expenses is greater than our income we can run shortage of funds which won't allow us to have reserve income or invest in other legit investment scheme online or offline. A retiree needs to make better plan during service time, in order to generate steady income during retirement time in oder to live comfortable and carter for all his or her bills.
 
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