Gone are the days when the working class in the country could get the Social Security or an employee pension plan to cover the costs incurred in their later years. Today, planning for retirement has become imperative. There are numerous options out there for individuals to save better to live comfortably later in life.

Retirement can be a costly proposition, so if you’re looking to choose states to retire in, it could be a long and exhausting research process. This is because all the elderly individuals want to spend their golden years peacefully with family and friends. Before finalizing the state that you would like to settle in, here are some of the important factors that you should consider.

Like you, several other retirees work extremely hard to earn a decent amount of money. And they have only one aim, to have a reservoir of finances that will help them lead an independent life even after retirement. You might often mull over the thought, “How do I make sure my savings last as long as I do?” For this you need to have a retirement plan to generate revenue, that can last for the rest of your life irrespective of the income that can withstand inflation, market ups and downs, and unexpected expenses.

A comfortable, secure, and safe retirement is probably the dream of every working individual in the country. Today, with the generation living healthier, longer lives than ever before, it is safe to assume that we will live longer than our grandparents and parents and, consequently, have longer retirement periods as well.

What is the average retirement income? There is no one answer. At best, you can estimate how much will be needed by the time you retire and use what’s left for the future. This is, of course, after you factor in year-on-year inflation and arrive at a realistic number. So here is a brief overview of the best source of retirement income and tips to help plan a substantial portfolio.

While retirement is a welcome change from working around the clock, it comes with certain challenges. On the bright side, saving for retirement early will help one navigate such challenges easily. According to the Retirement Readiness Survey by Fidelity, the nationwide trend indicates that people are preparing for retirement by investing and saving effectively.