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Say that, as a married couple, you have $1.4 million in your IRAs and, at age 66, expect about $4,100 per month in Social Security. Based on some typical rules of thumb, you might be able to plan on about $108,000 per year of retirement income, but how much you actually need and will be able to take will depend on your specific circumstances.
Here's how to think about it, including a breakdown of the numbers. And if you want someone to double check your own retirement calculations, consider matching with a financial advisor for free.
Frequent commenter to this section Kevin Caldwell, Principal with the wealth management firm Golden Road Advisors, refers to retirement planning as an approach in "buckets." As you prepare for retirement, it's good to think about your budget in terms of specific parts of life. One way to organize this is:
Needs
#Social #based
Say that, as a married couple, you have $1.4 million in your IRAs and, at age 66, expect about $4,100 per month in Social Security. Based on some typical rules of thumb, you might be able to plan on about $108,000 per year of retirement income, but how much you actually need and will be able to take will depend on your specific circumstances.
Here's how to think about it, including a breakdown of the numbers. And if you want someone to double check your own retirement calculations, consider matching with a financial advisor for free.
Frequent commenter to this section Kevin Caldwell, Principal with the wealth management firm Golden Road Advisors, refers to retirement planning as an approach in "buckets." As you prepare for retirement, it's good to think about your budget in terms of specific parts of life. One way to organize this is:
Needs
#Social #based
2 months ago
