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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.
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 ...
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.
Finally, you should use an inflation calculator to see how long your money will last. A financial advisor can otherwise help you make more complicated projections with various assumptions based on ...
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).
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:
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 ...
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