Coronavirus (COVID-19) News and Resources
Coronavirus (COVID-19) Webcasts
Subscribe to Free Daily Newsletters
Post a Job

Featured Jobs

ESOP Valuation Writer
Unique ESOP Valuation Provider
Defined Contribution Account Manager
Nova 401(k) Associates logo
Nova 401(k) Associates
(Houston TX / Dallas TX / Scottsdale AZ / Telecommute)
Retirement Plan Processor
T Bank NA
(Dallas TX)

Free Daily News and Jobs

“BenefitsLink continues to be the most valuable resource we have at the firm.”

-- An attorney subscriber

Get the BenefitsLink app LinkedIn

<< Previous news item   |   Next news item >>

How Much Savings is Needed for Retirement?
Ken Steiner, FSA Retired Link to more items from this source
Apr. 25, 2014
"If Social Security income is around $30,000 per year (about the maximum in 2014) and no other retirement income sources exist, then total annual gross retirement income (Social Security and withdrawals according to the approach outlined in this website) for an individual retiring at age 67 with $1 million of accumulated savings will be about $75,000 to $80,000 depending on how much of the $1 million is used to purchase an immediate annuity (based on current annuity purchase rates) and/or whether the retiree delays receipt of Social Security benefits. This level of retirement income will probably be enough for many individuals who retire in the near future."

Please click here to report this link if it is broken (for example, if you see a "404 File Not Found" error message after you click on the link above).
An important word about authorship: BenefitsLink® is providing a hypertext link to the item shown above, but is not the author of the item (unless otherwise specified).
© 2020, Inc.