Annual income: $70,000
$30,000 from Social Security
$20,000 from a pension
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$20,000 from personal savings
Expenses: About $45,000 will go to pay for basics, such as food, housing, health care and taxes, according to the Aon study. But if you don’t have retiree health benefits from your former employer, expect to pay an extra $5,000 a year or so for Medicare premiums and supplemental medigap coverage. The study budgets about $225 a month for entertainment. Skip the weekly Saturday night at the multiplex and join Netflix instead.
Lifestyle: With a cushion of about $20,000 a year, you can put a down payment on a used RV and tour the country. Focus on staying healthy and active because your budget doesn’t include long-term-care insurance premiums. If you need cash in the future, you could take out a reverse mortgage on your home.
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Medicare Basics: 11 Things You Need to KnowMedicare There's Medicare Part A, Part B, Part D, Medigap plans, Medicare Advantage plans and so on. We sort out the confusion about signing up for Medicare — and much more.
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The Seven Worst Assets to Leave Your Kids or Grandkidsinheritance Leaving these assets to your loved ones may be more trouble than it’s worth. Here's how to avoid adding to their grief after you're gone.
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SEP IRA Contribution Limits for 2024 and 2025SEP IRA A good option for small business owners, SEP IRAs allow individual annual contributions of as much as $69,000 in 2024 and $70,000 in 2025..
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Roth IRA Contribution Limits for 2024 and 2025Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
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SIMPLE IRA Contribution Limits for 2024 and 2025simple IRA The SIMPLE IRA contribution limit increased by $500 for 2025. Workers at small businesses can contribute up to $16,500 or $20,000 if 50 or over and $21,750 if 60-63.
