Retirement is as individual as you are
Your coaches introduce the topic of retirement planning.
Most of us would like to retire someday with the peace of mind that we can take care of ourselves financially.
In this lesson, we’ll introduce the basics you need to know in order to design your own financial future.
Having a financial strategy is critical because you may spend quite a few years in retirement. In fact, the length of your retirement may equal the number of years you were in the workforce. You may need to support yourself financially for a retirement that lasts decades! So it makes sense to create a strategy — a retirement plan — and start to implement that plan as early as you can.
When it comes to creating a retirement strategy, there’s no such thing as “one size fits all.” Everyone’s circumstances and financial situation are a little different. With your own personal strategy, you’ll know how much you can afford to spend each month and not outlive your retirement savings.
By the way, if you’re counting on the federal government’s Social Security program to fully fund your retirement, don’t bet on it. In December 2004, the average monthly Social Security benefit nationwide was $954. That’s just over $11,000 a year, an amount that’s not likely to give you the retirement of your dreams.
Click the Next button to explore how much money you’ll likely need to retire.