What's a Realistic Retirement Budget? I'm 55 With $620k Saved and $68k Income
View original at finance.yahoo.comWhat's a Realistic Retirement Budget? I'm 55 With $620k Saved and $68k Income There are two common ways to think about a retirement budget: you can start with the lifestyle you want or the assets you have…
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Social Security defines full retirement age as 67, when most people can first claim unreduced benefits
80% confidenceClaiming Social Security at 62 can lower payments to roughly 70% of the full amount
80% confidenceA 55-year-old with $620,000 in a 401(k) earning $68,000 per year and contributing 10% annually could reach about $1.69 million by age 67
80% confidenceUsing the 4% rule, if your goal is to withdraw $100,000 annually in retirement income your savings target would be roughly $2.5 million
80% confidenceSavings held in a Roth account generally allow qualified withdrawals to be tax-free
80% confidenceDelaying Social Security benefits to age 70 can reach about 124% of the full retirement age amount
80% confidenceEarlier retirement generally increases exposure to inflation and longevity risk
80% confidenceSome analysts note that current bond yields and market conditions may support different withdrawal assumptions than the 4% rule
80% confidence