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Women aged 65 are expected to live to 86.9 years, while men of the same age are likely to reach 84.3 years, according to the Social Security Administration's life expectancy calculator.
Even with modest inflation rates of 2% to 3%, your $40,000 annual withdrawal from your $1 million nest egg won't stretch as far in 10 or 15 years as it did in your first year of retirement.
The problem with giving a general calculation of how long your specific retirement funds will last is that no rule will do this perfectly, including the 4% rule. Some drawbacks to the 4% rule include:
There are tons of calculators online that you can use to estimate how long your money will last in retirement based on the amount you're withdrawing. You can input details like your total account ...
For example, you can boost your Social Security check by 24% by retiring at 65 instead of 62. So, a $2,500 monthly check at age 62 would become about $3,100 at 65.
If you find yourself with $1.5 million in retirement savings, you're doing more than five times better than the average retiree, who only has $279,997. It is true that $1.5 million can last ...
Use a Social Security benefit calculator to see how this would impact your situation. What a $4 Million Retirement Might Look Like Let’s use the above example of a single person born in 1985.
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