Here’s The Average Retirement Income of a Federal Employee
It is true that there are no one-size-fits-all answers to how much income is needed for a comfortable retirement. It depends on what type of lifestyle you want to live and any anticipated expenses. Federal Educators looks at the average retirement income of a federal employee and a few rules of thumb to help plan your retirement.
Generally, financial experts recommend that your retirement income should be around 80% of your most recent pre-retirement salary. For example, if you make $100,000, you will need at least $80,000 a year to live comfortably. This reflects the idea that you have fewer work-related expenses like commuting or purchasing work clothes. Though according to a recent U.S. Census Bureau report, the average retirement income for Americans aged 65 and over was only $73,288. How can you achieve a happy medium for your retirement?
A good place to begin is by figuring out what sources and how much you expect to receive income-wise in retirement. Income streams like Social Security, pensions, and rental income should all be tallied to give you a holistic financial picture. After calculating your anticipated yearly totals, it’s best to speak with a financial advisor to establish a personalized plan for retirement income.
Federal Educators can give you the confidence to ensure you’re headed to a financially secure retirement. Our team will prepare you for retirement with the perfect combination of educational resources and a knowledgeable team. Call our Tampa office at (813) 755-7037 or request a complimentary benefit analysis today.
