Do you really need $ 1 million to retire? | Personal finance

  Do you really need $ 1 million to retire?  |  Personal finance

How much do you need to save for retirement?

It’s also important to consider the not-so-fun expenses you may face in retirement, such as healthcare and long-term care costs. Even if you’re eligible for Medicare, you’ll still incur at least some out-of-pocket expenses. While you may not be able to predict exactly how much you’ll spend, it’s important to at least consider these costs as you’re building your retirement budget.

Highlights

  • To check your estimated benefit amount, you can create a mySocialSecurity account to view your statements. Here you’ll be able to see your future benefit amount based on your real wages throughout your career. Keep in mind, though, that if you claim Social Security early, you’ll receive a reduced benefit amount.

  • The good news is that most retirees are eligible for Social Security benefits, so you may not need to save as much as you think. That said, the average retiree only collects around $1,500 per month in benefits, so you may not be able to survive on Social Security alone.