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In other words, you need a backup plan to fund your retirement if Social Security benefits arent enough.
Also, you’ve got the option to see the effects of different retirement age scenarios.
If you dont have a personal my Social Security account, create onehere.
Make a list of all the things you spend money on each month.
Next, remember to include costs for health care, entertainment and any hobbies you enjoy.
Compare your total estimated expenses to the money youll get from Social Security and other savings.
This will help you determine whether you need more income or to adjust your spending plans.
She suggests ramping up your savings sooner rather than later.
