Additional support for retirement must also be thought of by those making their retirement plans.
Retirement plans should include additional support for retirement. (Photo: MarketReview)
The Must Of An Additional Support For Retirement
Social Security benefits alone are not enough to support most retirees so additional support for retirement is a must-have. Additional support for retirement is needed as Social Security benefits only replace about 40% of pre-retirement income.
Additional support for retirement may be through having savings to supplement retirement benefits. Investing in a brokerage account during your working years can help provide additional support for your retirement.
Having additional support for retirement is within your control, unlike increasing Social Security benefits or obtaining a pension. It is recommended to aim to save and have additional support for retirement 10 times your final annual income.
According to a published article by The Motley Fool, by doing so, you can comfortably combine Social Security benefits with withdrawals from your accounts for additional support for retirement.
It is important to start investing and saving for additional support for retirement to avoid sole reliance on Social Security in your later years.
The Importance Of Life Insurance
In a published article by Investopedia, life insurance is especially important if you no longer have employer-provided life insurance and need to decide whether to purchase a new policy for yourself.
Life insurance in retirement can be useful for covering final expenses, paying off debts and estate taxes, and leaving an inheritance.
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