The remainder must come from personal savings, investments, and possibly a part-time job. It takes a million dollars to retire comfortably. Your real needs will depend on your mix of investments, savings, part-time work, and other creative initiatives such as reverse mortgages to provide an income stream. Family inheritance is a reliable source of income. There are ways to force the government to pay my medical bills.
Retirees are all in a lower tax bracket.
Many retirees face additional taxes on income streams from work, capital gains, and stock dividends. Retirement communities provide a lower cost of living. Do your homework on real estate values, property taxes, health care costs, and sales tax. Many cities grow into expensive communities. That sleepy little village where you vacationed every summer may attract many more retirees like yourself.