In This Chapter
Imagining your lifestyle when you collect Social Security
Tightening your budget before you retire
If you’re thinking about retirement as the next phase in your life, you could use a road map. But the pathways that worked for our parents no longer seem to apply.
Everything looks different after the Great Recession. We’ve seen how 401(k) plans and individual retirement accounts (IRAs) can plunge. We’ve seen how home values go down as well as up. We’ve seen how hard it can be to get a job even when the economy is growing. Unfortunately, retirement security was on the wane even before the Great Recession. Employers have been dropping and freezing pension plans for years. If you count part‐timers and the self‐employed, roughly one in two workers doesn’t have access to any job‐related retirement plan. No wonder so many Baby Boomers and Gen Xers lack confidence in the future. And no wonder they’ll rely heavily on Social Security in the coming years.
This chapter discusses how you can start right now to build on the foundation of Social Security and create your own road map for a secure future. You just need to find out how much Social Security and other income you have coming, figure out how much money you really ...