Reported 7 months ago
For a single person looking to retire at 64 with a $1.2 million 401(k) account and a $2,800 Social Security benefit, the estimated annual income may be around $81,600, potentially exceeding expenses. Factors influencing retirement budget include lifestyle preferences, location, inflation, taxes, and investment returns. To create a detailed retirement budget, consulting a financial advisor is recommended. Expenses can be estimated based on averages or personal circumstances, while income calculations should consider factors like Social Security benefits and investment strategy.
Source: YAHOO