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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.
Running some different scenarios through a retirement calculator can help you estimate how long your money should last. Example #1: You have $1 million in savings and earn a 6% annual return ...
Continue reading → The post How Long Will $800,000 Last in Retirement? appeared first on SmartAsset Blog. While programs like Social Security can help, they often aren't enough on their own.
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 ...
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Now, 4% of $4 million is $160,000, so as long as you expect your retirement to last for about 30 years and that amount sounds like enough—or more than enough—for you, you’re in a good place.