With over three decades of accounting expertise, Richard Belott is a Certified Public Accountant at Belott and Company CPAs in Chatham, New Jersey. Richard Belott is an expert in retirement planning and elder care planning for clients moving to a nursing home or assisted living facility.
According to a 2020 survey from Schwab Retirement Plan Services, the average 401(k) participant believes $1.9 million is necessary to retire. However, many people in the United States are not investing enough to accomplish this savings goal and the monthly income it brings.
Those who are beginning to invest for retirement should know that, besides savings and investments, there are at least two more sources of retirement income: social security and pension payments. To estimate how much their social security retirement income will be, they should file a Request for Earnings and Benefits Estimate with the Social Security Administration or use its website to request a benefits statement online.
The amount of social security benefits you receive depends on many factors, such as the number of years you have worked, your total earnings, and the age at which you begin receiving the benefits. Waiting until your full retirement age to start receiving the benefits guarantees a higher monthly retirement benefit than retiring at age 62.
