Once you have retired, you may want to take some trips and enjoy yourself.
Before you do that of course, you will want to have all your finances squared away and your retirement income under control. One out of every six retired Americans is a millionaire, and if you want to join their ranks you’ll need a plan.
Setting a budget and maximizing your savings is the best way to do this.
68% of Americans do not have a household budget, and only 30% of us have a long-term financial plan that sets saving and investment goals. If you want to be able to travel when you retire, you will need to make sure that your savings are on point, and you’re setting aside enough to do so.
More seniors are traveling for fun. You may want to go and visit family or meet at a fancy resort and create memories for future generations.
Many American seniors also go on genealogical journeys where they travel to far-flung destinations to find out more about their ancestry and get connected to their past. No matter whether your ultimate goal is a cruise around the world, or a bucket list destination like the pyramids, or sitting on a beach in Fiji, you have to have the money to do it.
Saving money isn’t easy, but if you set goals and get solid advice from professionals and work out how best to invest, you’ll be in a far better place than if you just rely on Social Security. The maximum monthly Social Security payout you can receive at full or normal retirement age is $2,861 in 2019. If you take a look at what the estimated average monthly benefit is for "all retired workers" in 2019, it drops drastically to just over $1,400.
If you factor in your monthly expenses, and you are only getting your monthly income from your Social Security check, you won’t be jetting off to Bora Bora anytime soon. The only way to enjoy your retirement and make them truly golden years is to plan ahead and save enough to live the life you want.
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