- Revenue Cycle Management
- COVID-19
- Reimbursement
- Diabetes Awareness Month
- Risk Management
- Patient Retention
- Staffing
- Medical Economics® 100th Anniversary
- Coding and documentation
- Business of Endocrinology
- Telehealth
- Physicians Financial News
- Cybersecurity
- Cardiovascular Clinical Consult
- Locum Tenens, brought to you by LocumLife®
- Weight Management
- Business of Women's Health
- Practice Efficiency
- Finance and Wealth
- EHRs
- Remote Patient Monitoring
- Sponsored Webinars
- Medical Technology
- Billing and collections
- Acute Pain Management
- Exclusive Content
- Value-based Care
- Business of Pediatrics
- Concierge Medicine 2.0 by Castle Connolly Private Health Partners
- Practice Growth
- Concierge Medicine
- Business of Cardiology
- Implementing the Topcon Ocular Telehealth Platform
- Malpractice
- Influenza
- Sexual Health
- Chronic Conditions
- Technology
- Legal and Policy
- Money
- Opinion
- Vaccines
- Practice Management
- Patient Relations
- Careers
Q&A: Just how much money do you need to retire?
How to know whether to retire is addressed
A: Beginning at age 66, you will be eligible for maximum Social Security benefits of $2,323 per month, or $27,876 annually. When adding this amount to your pension, you will have an income of $87,876.
The next step is to determine how much income you need. As a rule of thumb, use your current income minus any amount you were saving for retirement, since you obviously won't have to save for retirement when you're already retired. Next, reduce amount this by $8,720, which is amount of Social Security tax you would pay if you earned more than $106,800 in 2009 (you don't pay Social Security tax while collecting). This estimate should provide you a rough idea of you basic income needs.
Answers to our readers' questions were provided by Bryan Place, CFP, founder of Place Financial Advisors, Manlius, New York. Send your money management questions to memoney@advanstar.com (please include your regular postal address).
