Saving for retirement may be easier than you think, especially if you have Chip Coughlin from Retirement Income Analysts on your side. Coughlin says there are four important sources of retirement income which everyone should take advantage of: Social Security, Asset Income, Retirement Benefits and Continued Work.
About 84 percent of retirees get social security which is based on your income during your working years. However, only 52 percent of Americans get about 50 percent of their retirement income using Social Security and only 25 percent get 90 percent of their income.
Asset income is an another way for people to contribute to their future savings but in recent years, asset income has gone down in popularity. The primary reason why, is because people are living too close to their budget and unable to obtain assets or use those assets for their retirement savings, Chip said.
Retirement benefits such as a 401 (K) and other workplace benefits are used by 44 percent of retirees. Chip advises everyone to know what the minimum amount is that you have to put into your plan to get the maximum benefits.
Continuing to work or the hybrid retirement is becoming a big part of retirement as 32 percent of income still comes from working. Working in retirement becomes necessary when income becomes low and its the only option to support your family.
To learn more about how to save visit Retirement Income Analysts located at 892 E. Brighton Avenue, Syracuse or call (315) 701-4440. You can also visit them online at www.retirewithria.com