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How to Retire on Less Than $1 Million
$1 million is a great goal for your retirement savings. Indeed, if you were to retire now with a $1 million nest egg and typical Social Security benefits, your lifestyle would be roughly in line with that of a typical working family. The problem is, though, that it typically takes decades of dedication to amass a $1 million nest egg, and if you don’t start early enough, it becomes much more difficult to get there. Fortunately, it’s very likely you don’t need $1 million to retire. If you’re retiring on less, you do face tougher decisions and more trade-offs, but you can certainly still live fairly comfortably on a smaller nest egg if you plan for it well. There are three key tactics you can follow to help you cover your costs with fewer assets. Read more…
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