See how to plan for $50k per year of retirement income. The calculators below can help you run your own numbers.

Retiring on $50,000 per year can potentially provide a comfortable income. Naturally, more money provides more flexibility and safety, but there are always tradeoffs. Saving more might require you to work longer, and that might not be feasible.

That said, I have clients in metropolitan areas who live comfortably on a modest retirement income.Retirement income typically comes from several sources.

We'll use a single person to illustrate how to generate the income you want. If you're married or coupled, it may be even easier for you, and you can update your numbers accordingly.

🖩 Use the calculator to run your own numbers: [ Ссылка ]

Pensions and Social Security might make up a “base” of income. If you need more than that, you can supplement that income by pulling funds out of retirement savings. For example, you might have money in IRAs, 401(k) plans, and other vehicles.Based on the amount you need to withdraw, we can use calculators to estimate how much money you might need at retirement.

Social Security Quick Calculator: [ Ссылка ]

But remember that we’re predicting the future, which is impossible to get right. As a result, you can only estimate things to aid in decisions, but you might need to make adjustments down the road. Never assume that a calculator (or the assumptions that go into a calculation) are necessarily accurate. And remember to consider the impact of taxes, healthcare costs, and other expenses that can cost money.

By understanding how much you might need, you can then estimate how much it takes to build up that nest egg for retirement.
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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.

CHAPTERS:
0:00 Intro
0:21 Example Start
0:29 Is $50k Enough to Retire On?
1:10 Basics of Retirement Income
1:40 Social Security Averages and Calculators
3:08 How Much Do You Need to Save for $50k of Income?
4:31 Limitations
4:45 Double Check With Rule of Thumb
5:37 Health Care Expenses
6:27 What About Taxes?

IMPORTANT:
It's impossible to cover every detail and topic in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. You could run out of money in retirement, even with careful planning. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.

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