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How Long $750,000 Lasts in Retirement
The obvious answer to the above question is “it depends,” namely on where you live and how much you spend to how you invest. Eric Reed explains that this sum is generally adequate and explains how to make it last. He says plan for your Social Security income, though one of the challenges is that, contrary to popular perception, it is not a simple income guarantee in old age. Instead, it works more like an income replacement. For investors looking to make relatively easy plans, he provides a Social Security calculator to give you a good estimate of your future benefits based on age and income. But for general planning purposes, in 2023 the median retiree received around $21,000 per year, which would significantly extend the life of a $750,000 retirement account. Full piece here.