I'm 66 and Collecting $3,000 a Month in Social Security. Should I Wait to Start Tapping My $1 Million IRA?
Briefly

from 24/7 Wall St.2 months ago
The average retired worker on Social Security collects about $1,924 per month. If you're getting $3,000 a month, you're ahead, but you may need more if accustomed to a higher lifestyle.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/07/im-66-and-collecting-3000-a-month-in-social-security-should-i-wait-to-start-tapping-my-1-million-ira/
Financial experts generally advise that if you can afford to let a $1 million IRA grow longer, you should. This delays taxes and increases accrued savings.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/07/im-66-and-collecting-3000-a-month-in-social-security-should-i-wait-to-start-tapping-my-1-million-ira/
Managing your $1 million nest egg is crucial; using the 4% rule allows for withdrawals of $40,000 a year, enhancing your lifestyle significantly.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/07/im-66-and-collecting-3000-a-month-in-social-security-should-i-wait-to-start-tapping-my-1-million-ira/
While Social Security can provide some comfort, aligning your retirement savings with your personal satisfaction and lifestyle goals is essential to ensure financial stability.
24/7 Wall St.https://247wallst.com/personal-finance/2024/12/07/im-66-and-collecting-3000-a-month-in-social-security-should-i-wait-to-start-tapping-my-1-million-ira/
Read at 24/7 Wall St.
#retirement-planning #social-security #investment-strategies #financial-management #lifestyle-choices
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