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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.
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.
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 mental calculus of reaching your retirement savings goals can be exhausting. What is the right retirement age? How long will your nest egg cover your retirement expenses? Will your 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:
Your rate of return also influences how long a $250,000 nest egg will last. For example, a 3% return provides $7,500 per year, while a 7% return provides $17,500.
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.
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 ...