Assessing Retirement Readiness with $850,000 in IRA and Social Security Benefits
Can You Afford to Retire at 65?
For many retirees, prudent withdrawals from a wisely invested portfolio combined with Social Security benefits can provide a consistent income to support their spending needs.
Evaluating Your Retirement Income
But what if you had $850,000 in an IRA and $2,800 in monthly Social Security benefits? Would that be enough to retire at 65?
Key Considerations
- Withdrawal Rates: Understanding how much you can withdraw safely from your IRA is crucial.
- Cost of Living: Your location and lifestyle choices can significantly impact your expenses.
- Longevity: Planning for a longer lifespan can affect your financial strategy.
Conclusion
To determine if this financial setup is viable, one must consider personal spending habits, potential healthcare costs, and unforeseen expenses. Proper planning and budgeting may lead to a comfortable retirement with the given resources.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.