When deciding how much you need to live on in retirement, you’ll need to consider a number of factors unique to your situation and ideal retirement:-How much money you spend on housing every month
- How much money you spend on food every month
- How much you plan to spend on entertainment
Social Security is the single largest source of retirement income for millions of Americans. Many depend on this income to pay their bills in retirement, so knowing how much you can expect plays a major role in how you can prepare for retirement.