Planning for retirement can be daunting. With less Americans having a pension to cover their costs, too many think they can rely on Social Security, which at best only covers about 40% of your income needs. More Baby Boomers approach retirement every year, and it’s more important than ever to have a sound financial plan the future.
The Alliance for Lifetime Income, a non-profit educational organization, is launching the M.U.G. initiative, a new approach to retirement income planning. M.U.G.(Mortgage. Utilities. Groceries) will offer Americans a fresh approach to planning for a lifetime of income in retirement. MUG is about estimating and adding up your essential monthly expenses – things like your mortgage or rent, utilities, groceries or monthly medical costs - whatever you decide are essential expenses and costs you must pay for. After you’re done, the next step is to ensure you have protected lifetime income, like an annuity, to help cover some of those essential expenses.