Once you retire, you start relying on Social Security and your savings to cover your costs of living. While it’s true that your expenses may drop a bit in retirement, you still need some source of cash to cover the costs that remain.
Although Social Security should help cover some of those costs, it was never meant to be your only source of retirement cash. Your retirement number -- the amount you have saved for your retirement by the time you reach it -- makes a huge difference when it comes to determining the lifestyle you’ll have once you stop working. With that in mind, these 10 different scenarios may represent what you face, depending on what your retirement number ends up being.
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