Reported about 1 month ago
At age 62, an individual with $1.6 million in an IRA and a monthly Social Security benefit of $2,800 can estimate a comfortable retirement budget of approximately $97,600 per year. This estimate includes a standard withdrawal of 4% from the IRA, translating to an annual withdrawal of $64,000, combined with Social Security, providing sufficient funds to cover estimated expenses. Various factors like lifestyle choices, health care costs, and the potential for needing higher income or lower expenses can impact the retirement budget. Consulting a financial advisor is recommended for personalized guidance.
Source: YAHOO