Retiring with $1.2 Million? Here's How to Avoid Running Out of Savings
View original at nasdaq.comRetiring with $1.2 Million? Here's How to Avoid Running Out of Savings Key Points Even though $1.2 million is a nice amount of money, it needs to be managed carefully…
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People born in 1960 or later can collect full monthly Social Security benefits at age 67.
60% confidenceFor each year a claim is delayed past full retirement age until age 70, Social Security benefits get a permanent 8% boost.
60% confidenceMore conservative investors, or those retiring in their 50s, may need to stick to a 3% or 3.5% withdrawal rate; those retiring later may be able to take larger percentage withdrawals.
60% confidenceFor a fairly equal mix of stocks and bonds and a 20- to 30-year retirement, the 4% withdrawal rule might work.
60% confidenceKeeping one to three years' worth of planned expenses in cash allows retirees to leave investments untouched during downturns and cover unplanned expenses.
60% confidenceA little-known Social Security claiming strategy could pay retirees as much as $23,760 more per year.
60% confidenceThe Motley Fool cannot and does not provide personalized investing or financial advice; the information is for informational and educational purposes only.
60% confidence
Data points we hold from this source
| Social Security Administration · maximum claiming strategy bonus | 23760 USD |
| Social Security Administration · full retirement age | 67 years |
| Social Security Administration · recommended safe withdrawal rate | 4 percent |
| Social Security Administration · delayed retirement credit rate | 8 percent |