Want $50,000 in Retirement Income? Here's How to Get It.
Having enough money in retirement is essential to enjoy your later years. To make sure you're financially comfortable, it helps to estimate how much income you'll need your retirement savings to produce. For example, say you're hoping to have $50,000 in annual retirement income. Here's the amount you'd need to save to meet that milestone.
If you're like most retirees, chances are you'll get your income from two sources: your Social Security benefits and your investments. If you receive a Social Security benefit of $1,514 per month (the average as of June 2020), that would mean you'd need your investment accounts to produce $31,832 in income in order to have $50,000 as a retiree.
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Source Fool.com
