Can You Retire Comfortably on $750,000 in Savings?
Written by Maurie Backman for The Motley Fool -> A $750,000 nest egg could give you $30,000 a year in income using the 4% rule. If you get a nice Social Security check, you may be able to maintain a nice lifestyle. If $750,000 isn't enough, you can always work to boost your in
A $750,000 nest egg could give you $30,000 a year in income using the 4% rule.
If you get a nice Social Security check, you may be able to maintain a nice lifestyle.
If $750,000 isn't enough, you can always work to boost your income or spend more mindfully.
There are many people who reach retirement age with no money saved whatsoever. So if you're about to retire and your IRA or 401(k) has a $750,000 balance, you should give yourself a pat on the back for building a sizable nest egg.
Even though $750,000 isn't a fortune, it's hardly a negligible sum. But whether it's enough to retire comfortably really depends on you.
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You're probably aware that if you're retiring with $750,000, you may need to stretch that money across several decades. So it's important to come up with a smart withdrawal strategy.
If you use the popular 4% rule , your $750,000 nest egg will give you $30,000 a year of income. That does not include inflation adjustments, which the 4% rule allows for.
