Sources of Retirement Income
Most people share a common concern, namely that they're worried they won't have enough money when they get older; that they won't be able to live comfortably; or that they won't be able to do the things they had always planned in retirement.
The first major variable in beginning your retirement planning concerns calculating, or at least estimating, the amount of money you will have when you retire - commonly referred to as the size of your "nest egg". Use our calculator to see how much you need to retire.
The most frequently asked question about retirement is, "Where will my money come from?" While every financial situation is different, your most likely income sources include:
- Social Security payments;
- Your 401(k) or other employer-sponsored retirement plan;
- Personal retirement savings, including IRAs;
- Annuities;
- Personal investment accounts.
Social Security
Full retirement age for Social
Security benefits
Source: Social Security Administration |
Date of Birth |
Full retirement age |
1937 or earlier |
65 years |
1938 |
65 years + 2 months |
1939 |
65 years + 4 months |
1940 |
65 years + 6 months |
1941 |
65 years + 8 months |
1942 |
65 years + 10 months |
1943-1954 |
66 years |
1955 |
66 years + 2 months |
1956 |
66 years + 4 months |
1957 |
66 years + 6 months |
1958 |
66 years + 8 months |
1959 |
66 years + 10 months |
1960 or later |
67 years |
|
