While most Americans rely on Social Security to supplement their income in retirement, the government doesn't guarantee it will continue to be available for many years. Other income sources can help supplement Social Security. These may include pensions, annuities, proceeds from the sale of a home, and inheritance. These sources may increase or decrease depending on your circumstances. To help you begin your retirement planning Toledo, consider the following sources of income. After you have determined your retirement income needs, begin saving for your future.

Depending on your age, a good rule of thumb is to save at least 15% of your gross income each month. This amount doesn't need to be set in stone, but it's an excellent starting point. Saving even a small portion of your income can help you reach your retirement goal faster. To get the full employer match, you must make a minimum contribution to your retirement plan. The earlier you start saving, the better. And remember that retirement savings don't have to be large sums, either.

While many researchers have come up with different retirement income benchmarks, there is no universal formula for how much you should save for your retirement. Experts suggest that you should save seventy percent of your pre-retirement income, or approximately $80,000 a year. However, most people aren't saving enough to reach these benchmarks. If you're not prepared to make such drastic lifestyle changes, you'll have to adjust your lifestyle.