Moneywise On Oneplace.com

One of the most common questions people ask is, “How much will I need to retire?” The answer is, “It depends.” It depends on your lifestyle, needs, and one key factor: how much you’re willing and able to cut from your budget. Let’s explore how thoughtful adjustments can help you bridge the retirement income gap and make this season of life meaningful and fulfilling.Understanding Retirement IncomeMost retirees experience a drop in income. While many work-related expenses disappear—like commuting, clothing, and dining out—studies show the average retirement budget is about 60% of pre-retirement income.Experts generally recommend aiming for 75-80% of your working income to cover expenses. For example, if you’re earning $75,000 annually, you’ll need approximately $56,000 in retirement. However, if Social Security and investments only generate 60% of your income, you’ll face a shortfall of $11,250 annually—or $940 per month.To bridge that gap, you can:Work longer to save more.Work part-time in retirement.Cut expen