Reported 4 months ago
Planning for retirement at 62 involves calculating annual spending based on savings, Social Security benefits, and account types. With $800,000 in savings and a $2,600 monthly Social Security benefit, a retiree could expect $63,200 in annual income. Factors impacting this include how funds are invested and tax implications. Financial advisors can help in designing a personalized retirement income plan. Other considerations like asset allocation, account types, and additional income strategies such as delaying retirement or Social Security can also impact overall financial preparedness for retirement.
Source: YAHOO