Source: Marketwatch

“Looking at the income, living expenses and lifespans of today’s retirees can help you make the right financial moves so your golden years aren’t tarnished by an unexpected shortfall….The average remaining life expectancy of someone who’s made it to their early 60s (23.3 years), according to the Centers for Disease Control and Prevention – you should plan to be retired for at least a few decades….The average budget for a retiree, according to Bureau of Labor Statistics data, provides even more color on what to expect when you’re expecting to retire. Older households, defined as ones headed by someone 65 or older, spend $46,000 annually, versus the $57,000 average spent by all U.S. households combined. On average, about half of a retired household’s income comes from Social Security and private and government pensions, according to the BLS, with personal savings and investment and rental income providing 6.9%….If you’re not yet retired, one of the best moves is postponing your retirement party. This strategy is especially valuable for those in their peak earning years.”

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