I'm 65 and about to retire with $1.8M in savings and Social Security benefits - how do I maximize my monthly income?
Briefly

from 24/7 Wall St.2 months ago
Maximizing your monthly income in retirement involves a strategic approach to withdrawing from your $1.8 million in savings while integrating your Social Security benefits.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/15/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
The "4% rule," suggests withdrawing 4% of your portfolio annually to ensure your funds last for 30 years. With $1.8 million, this allows for an annual withdrawal of $72,000.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/15/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
Many people incorrectly assume that once they retire, they can move all of their portfolio to bonds/ fixed income. While this reduces risk, it would likely hinder portfolio growth.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/15/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
The key to financial security lies in making informed decisions about how to draw down your assets and effectively integrate your benefits.
24/7 Wall St.https://247wallst.com/personal-finance/2024/11/15/im-65-and-about-to-retire-with-1-8m-in-savings-and-social-security-benefits-how-do-i-maximize-my-monthly-income/
Read at 24/7 Wall St.
#retirement-planning #4-rule #social-security #investment-strategy #financial-security
[
|
]