Deciding to retire is no small matter. There are many factors to consider, including whether you’ll be able to pay your bills after leaving the workforce. We get the question of “What is a good monthly income in retirement” all the time.
Financial professionals are quick to point out that there are no hard and fast rules when it comes to retirement. However, before you retire, understand what defines a good retirement income for you and where that money will come from.
“I find that the majority of people have a good handle on how much they need,” says Christopher Abts, a financial advisor with Prime Capital Financial in Reno, Nevada. That’s because most retirees will have a budget in retirement that is similar to what they spent while working. “No one wants to retire to a lower lifestyle,” according to Abts.
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