{"id":18,"date":"2022-06-02T21:29:07","date_gmt":"2022-06-02T21:29:07","guid":{"rendered":"https:\/\/my-gainfully-unemployed-retirement-blog.net\/?p=18"},"modified":"2022-06-08T20:11:07","modified_gmt":"2022-06-08T20:11:07","slug":"what-if-my-retirement-income-is-not-enough","status":"publish","type":"post","link":"https:\/\/my-gainfully-unemployed-retirement-blog.net\/?p=18","title":{"rendered":"What If My Retirement Income Is Not Enough??!!"},"content":{"rendered":"\n

<\/strong>MyAR (After Retirement) journey began with facing the stark reality that my income is now very<\/em> fixed, and vulnerable to any unexpected changes or increased living expenses. Since I live in the highly expensive state of California, rising living expenses are a given.  So are unexpected factors such as car repairs, medical or dental expenses, increased food costs, etc. My new fixed AR budget was a new scary reality. <\/p>\n\n\n\n

According to AARP (American Association of Retired People) a good retirement income is about 80 percent of your pre-tax income prior to you leaving your workplace (https:\/\/www.annuity.org\/retirement\/planning\/average-retirement-income\/<\/strong><\/a>). The eighty percent number factors in not having to pay income tax, or paying for other job-related expenses.  It does NOT factor in things such as cost of living in your area, everyday expenses, potential healthcare costs, and the lifestyle you desire. People often retire with a 401k, or a pension, or other investment sources, or some combination thereof. But many in the US are dealing with a retirement income that is nowhere close enough to 80% of any previous working income.<\/p>\n\n\n\n

It is estimated that 36% of Americans now believe they will NEVER have enough money to retire, and roughly 41% say that their ability to be financially secure in retirement will take a MIRACLE (this according to the annual GRI<\/strong>-Global Retirement Index).  In 2019, an alarming 22% of American adults were found to have less than $5000 in savings for retirement, with 46% saying they have no idea how much they have even saved at all. <\/p>\n\n\n\n

Talk about bleak stuff. I am not the only one dealing with \u201cinadequate retirement income syndrome.\u201d  This After Retirement life journey is going to be a creative one, to say the least. <\/p>\n","protected":false},"excerpt":{"rendered":"

MyAR (After Retirement) journey began with facing the stark reality that my income is now very fixed, and vulnerable to any unexpected changes or increased living expenses. Since I live in the highly expensive state of California, rising living expenses are a given.  So are unexpected factors such as car repairs, medical or dental expenses, … Continue reading “What If My Retirement Income Is Not Enough??!!”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":66,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-18","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nInadequate retirement 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