Will You Have Enough Income in Retirement? Here's How to Find Out
Approaching your retirement date is exciting, but it can also be scary. Once you quit your job for good, you're entirely dependent on whatever sources of retirement income you've developed during your working years, plus whatever you might be able to earn after you retire. If that money comes up short, you could spend retirement barely scraping by instead of living life to the fullest.
Luckily, there's a pretty reliable way to avoid that frightening predicament.
Many retirees choose a retirement date based entirely on age. It might be age 62, because that's when they can first claim Social Security; age 65, because that's the "traditional" age for retirement; or some other age that just seems like the right point at which to quit working. The problem is, age isn't the only (or even the most important) factor in deciding your retirement date. Instead, you should your retirement date should be the day on which you'll have sufficient sources of income to keep you going indefinitely.
Source: Fool.com
