How much retirement income do I need?


Many retirement experts say that you need from 70% to 80% of your working income for a comfortable retirement income.  Most don’t need the same level of income as when they were working because many expenses are reduced in retirement.  Examples of expenses that are usually lower in retirement are mortgage, transportation, clothing, entertainment, lunches, working dues and savings. 


If you live in a higher cost of living area, you probably have a larger than average SIS Pension Fund account.  You will need to plan to withdraw more of your money each year to supplement your NASI Pension Fund benefit than someone in a lower cost area.  That is the main purpose of the SIS Pension Fund – to supplement the retirement income of sprinkler fitters. 


Getting a good idea of your monthly expenses in retirement is one important step in deciding how to use your SIS Pension Fund money in retirement.  To start, you should know whether you will have retiree medical coverage?


For many retirees not in the Sprinkler Industry, the cost of medical coverage before they become eligible for Medicare is their largest monthly expense.  Even if you are a very organized person and you know how much money you are spending each month, keep in mind that expenses in retirement can be different from those you are now paying.


Once you have some idea on how much monthly income you need, here are a few ideas as to how you can make Early Retirement work for you.


You may also want to consider the sources of your retirement income and how much you will receive from each one and when you will receive each one:

NASI Pension Fund

Social Security

SIS Pension Fund

Your own savings

Your spouse’s retirement income

Your spouse’s Social Security benefit.


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