Reported 3 days ago
As you approach retirement at 67, having $500,000 in a pre-tax IRA and a $2,000 monthly Social Security check raises the question of whether it's sufficient for a comfortable lifestyle. While $500,000 may seem substantial, it's considered modest for retirement. Your retirement income largely relies on how you manage your investments and withdrawals, with the potential for annual income ranging from $48,000 to $63,000. However, factors like taxes, inflation, and spending habits play crucial roles in determining if this income will suffice. Consulting a financial advisor can help you create a solid plan tailored to your retirement goals.
Source: YAHOO