4 Money Management Tips for Retirees
Transitioning into retirement requires a shift in how you manage your finances. With a different income structure and potentially altering priorities, ensuring that your savings last through retirement is a pivotal concern.
In 2023, the average monthly retirement income adjusted for inflation is $4,381.25, with an annual income of $75,254 for adults 65 and over. The median retirement income is reported to be $52,575, underscoring the variance in retirees’ financial situations. A commonly suggested benchmark is to aim for a retirement income that is 80% of your pre-retirement income.
Adapting your financial plan to accommodate these changes is crucial for a secure and comfortable retirement.