Planning for your future retirement is not as hard as many seem to make it, you have forty year or so, but it does take effort. One key is to know your goal.
You can do that using the Social Security calculators, even the Quick Calculator.
Let’s say you are age forty and earn an average $47,000 a year and expect to retire in 2046 at age 67. Using the Quick Calculator inflated future dollars setting, you get an estimate of a $64,260 annual Social Security benefit and a final years earnings of $174,500 (assuming 2.5% inflation).
That creates a replacement percentage of 37%. Your job is to make up the difference. So, what’s your target? 70% of $174,500, 80%, 100%?