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Forbes: Do You Have Enough Money to Retire?

If you still don’t have enough saved, consider working longer or spending less to make sure you don’t run out of money before you die. If you’re working, delaying starting Social Security until age 70 will sharply increase the benefit.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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How much money d... If you’re about to retire, do you have $1 million, and is that enough? There’s a simple way to find out, by comparing your income with your spending. Caveat: This is just a rough calculation, so be sure to talk to your financial planner.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Add up your savi... Figure out how much you have in savings and retirement accounts.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Apply the 4% rul... Planners say you can withdraw (roughly) 4% to 4.5% a year from your accounts without outliving your money. So if you have $500,000 saved, that’s a little bit above $20,000 a year.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Figure out Socia... To find how much you’ll get from Social Security, go to the Social Security Administration’s website [www.ssa.gov] and find the retirement estimator. (That’s assuming Congress doesn’t make major changes to the program.)

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Figure out your ... If you’ll get a pension check for working for a company or organization, call the human resources office and find out how much you will receive monthly. Elect 100% survivor benefits to get a conservative number and provide for your spouse.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Add it all toget... The combination of retirement savings withdrawals, Social Security and pension is going to be almost all of your income.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Now figure out w... Most experts say you need 75% to 85% of your final pay to maintain the same standard of living, although if you’re still carrying a mortgage, you may need 100%.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Subtract Figure out the difference between your income and your expenses. Make sure you allow for taxes. If you’re positive (usually not the case), congratulations!

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Zero in on your ... If you’re under, you’ll have to cut back on spending in retirement. A good start is to zero in on fixed costs, which may include a mortgage, utility bills, and insurance premiums. Consider selling the house, usually a tax-free transaction and renting.

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More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
Make more tough ... If you still don’t have enough saved, consider working longer or spending less to make sure you don’t run out of money before you die. If you’re working, delaying starting Social Security until age 70 will sharply increase the benefit.

(iStock)

More from Forbes:
Best and Worst States for Retirement
6 Ways to Tap Your 401(k) in Hard Times
10 Steps to Get Your Retirement Back on Track

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.
More from Forbes Click here to see the best and worst places to retire.

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.