How to retire on a small budget effectively

 

Alot of people in America are worried about how they will afford to retire. This is rapidly becoming an epidemic in almost every state. The biggest concerns are, where do i put my money, how much will i need, and can i count on any help from the government(Social Security). Another huge concern facing Americans is that they feel like they do not make enough money to invest in a retirement plan.

 First, let’s talk about how much you will actually need to retire. With inflation growing at steadily 5% annually or more, it’s pretty safe to say that if you were to retire today you would need $1-3 million to live the expected twenty years. If you are just starting to plan for retirement you had better plan on needing $4-9million to retire in thirty years. I know that sounds astronomical, but that won’t be considered extravagant living.

Secondly, lets talk about Social Security. Today Social Security pays out an average of only $503 a month to its dependants. I think it’s fair to…

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