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I'm 59 years old, have $700K in savings and getting fed up with work. If I quit my job and retire now, how long will my money last? Christy Bieber. October 31, 2024 at 7:11 AM.
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 ...
All these factors need to be addressed before you begin to consider how long your money will last. Read more: One dozen eggs in America now costs $3.65 — and $12.63 for a pound of sirloin steak ...
In that scenario, a 4% withdrawal rate allowed the investor's funds to last 30 years. Historically, Bengen says closer to 7% is an average safe withdrawal rate and at other times withdrawal rates up to 13% have been feasible. [15] A 4% withdrawal rate is also one conclusion of the Trinity study (1998).
To calculate approximately how much interest one might earn in a money fund account, take the 7-day SEC yield, multiply by the amount invested, divide by the number of days in the year, and then multiply by the number of days in question. This does not take compounding into effect.
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:
Finally, it’s best to use a retirement calculator to assess how your financial situation matches your retirement objectives. By entering your savings rate, Social Security benefit, and the state ...
Ensuring you have enough savings to last through retirement is a major financial goal. But for many retirees, the biggest concern is whether their retirement savings will last that long. Let’s ...