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Fidelity suggests setting age-based milestones, such as saving 1x your salary by 30, 3x by 40, 6x by 50 and 8x by 60. These benchmarks can help you assess your progress and adjust your strategy.
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:
You can use SmartAsset’s free retirement calculator to see if you are on track to meet your retirement goals. Estimating the Length of Retirement Another challenge of planning for retirement is ...
Fidelity recommends having at least three times your annual salary by age 40, six times your salary by age 50 and eight times your salary by age 60 to stay on track for a comfortable retirement.
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Your withdrawal strategy affects how long your money will last. For example, waiting until age 59.5 or later to withdraw money from an IRA or 401(k) means sidestepping early withdrawal penalties .
Take the net interest income earned by the fund over the last 7 days and subtract 7 days of management fees. Divide that dollar amount by the average size of the fund's investments over the same 7 days. Multiply by 365/7 to give the 7-day SEC yield.