As of 2022, the median retirement savings balance among Americans aged 65 to 74 was $200,000, according to an analysis by the Federal Reserve.
If you use the 4% rule, a $200,000 IRA or 401(k) gives you access to $8,000 a year in retirement income, not accounting for inflation-related adjustments.
Feeling tired and burned out on the job? Unfortunately, a workforce exit may not be feasible if you only have $200,000 in savings at age 61.
Claiming Social Security at 62 will reduce your monthly checks by about 30% compared to waiting until your full retirement age.
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