How much will it take to retire comfortably? Will I have enough?

According to the Social Security Administration, you will need approximately 70 percent of your pre-retirement income to live comfortably in retirement. However, if you expect to replace work-related expenses with travel, entertainment, or other activities, you may need more. With good health, your retirement could last 20-30 years or more.

Your retirement check from Social Security will typically replace about 35-40% of your pre-retirement income, so the remaining percentage has to come from other sources – typically your company pension plan, and savings/invest ments that you set aside yourself.

At Baptist Health, you are currently covered by a Pension Plan, funded entirely by Baptist Health. Click here to find out more about it.

In addition to the Pension Plan, you are immediately eligible to begin contributing to the 403(b) retirement plan. This account is funded entirely by you, and offers a significant opportunity for you to set aside substantial savings for retirement. Click here for more information.