$400 Invested in this ETF Monthly Can Double Your Retirement Income
If you've ever looked into your projected Social Security benefit, you know that living solely off your government check isn't a great option. On average, Social Security only replaces about 40% of your working income, which spells a massive pay cut if that's your only source of cash in retirement. To head off a major lifestyle downgrade, you need savings -- at least enough to double the income you'll make off Social Security alone.
There is good news, though. If you have time on your side, it only takes a few hundred bucks monthly invested in an S&P 500 index ETF to meet that savings goal.
Financial experts estimate that most people will need 80% of their working income to cover living expenses in retirement. That number assumes you'll stop making 401(k) contributions and spend less on transportation and eating out.
Source Fool.com
