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TIMELY RETIREMENT NEWS, INSIGHTS, AND ADVICE

RETIRE WITH MONEY COMMUNITY INSIGHTS

This week in our Retire with Money Facebook group, a member flagged this report showing that the average household cable package in the U.S. costs $217.42 a month. That's a hefty amount, and about what my family was spending before we cut the cord a little over a year ago. Now, we spend about half of that on various streaming services. We're saving more than $1,000 a year, and the only thing we miss even a little from our fancy cable package are the multiple sports channels that my son watched on occasion. 

WHAT WILL MY SAVINGS COVER IN RETIREMENT?

Planning for retirement can be tricky; after all, there's no way of knowing for sure how much money you may need. You can start by estimating how much you may spend each year in retirement. You probably won't spend as much each year in retirement as you do during your working years, so you'll only need to replace part of your income in order to maintain your lifestyle in retirement. As a general rule of thumb, you can estimate that your savings (including a pension, if you have one) should provide a yearly income equal to about half of your pretax, preretirement income. Your Social Security benefits may cover the rest of your annual retirement expenses, but it depends on your spending and lifestyle. The age at which you claim Social Security benefits can have a significant impact on your monthly income too. Click below to see if you are saving enough for retirement.

See if you're saving enough

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Elizabeth O'Brien is deputy editor at Money. She has covered retirement and health care for nearly a decade. A Brooklyn resident and mom of two boys, she navigates the alphabet soup of Medicare and the New York City subway system with equal ease. You can email her at elizabeth.obrien@money.com and follow her on Twitter at @elizobrien.