Imagine a couple, 60 years old, who have saved $1.3 million in their retirement accounts! They also get $5,100 a month from Social Security. Planning for retirement is like building a really awesome LEGO castle, you need a plan to make sure you have enough pieces (money) to complete it.
- They want to figure out how much money they'll need each year to live comfortably.
- They need to consider taxes, because the government takes a share of their money.
- Inflation (prices going up) will also affect how much things cost in the future.
- They'll need to plan for unexpected medical expenses.
| Item | Amount/Fact |
|---|---|
| Retirement Savings | $1.3 million |
| Monthly Social Security | $5,100 |
| Potential Annual Income (pre-tax) | Around $149,200 |
| Retirement Years | Potentially 35 years or more |
