With your retirement budget in hand, you now know how much income you will need to fund your anticipated lifestyle in retirement. Social Security wasn’t designed to cover 100 percent of your expenses, so you’ll need at least one other source of income to keep you afloat.
If you can’t or don’t want to continue working part-time after retiring, ample savings and savvy financial investment will be critical to balancing your retirement budget. The earlier you begin saving and investing, the more chance your assets will have to increase, so don’t delay. Identify an amount, based on your current finances, that you can safely afford to sock away for the future.