A Comprehensive Guide to Planning Your Retirement Savings

Retirement planning is essential for maintaining your lifestyle without financial worry. Understanding how much you'll need involves several key decisions, including how you want to live during your retirement years. Experts suggest aiming to save 80% of your pre-retirement income to cover lifestyle costs since expenses like Social Security contributions will cease. Yieldstreet’s retirement calculator can aid in these calculations by considering factors like expected income from Social Security, pensions, or annuities, and accounting for taxes on withdrawals from tax-deferred accounts.

Another critical aspect of retirement planning includes healthcare costs. On average, a couple may need $315,000 after taxes to cover medical expenses throughout retirement. This does not consider long-term care. For 2024, the basic premium for Medicare Part B is $174.70 monthly, with additional costs based on income. Furthermore, retirees should ponder their investment strategies. Diversifying into less volatile assets, like real estate or art, can mitigate financial risks and protect against inflation, aiming for a real return of 2.5% after inflation. Starting early in retirement planning is crucial for a secure and enjoyable retirement phase.