Reported 4 months ago
Retiring at 65 with $1 million is possible but varies based on individual circumstances like family size and income streams. Social Security and Medicare play crucial roles. Planning to withdraw about 4% annually from a $1 million retirement account could provide $40,000 initially, and eventually generate $65,000 to $95,000 yearly with Social Security. Various investment strategies can yield comfortable retirement incomes. Personal spending needs, such as urban housing, medical expenses, dependents, and market emergency funds, must be considered. Consulting a financial advisor to create a tailored plan is recommended for effective retirement planning.
Source: YAHOO