Retiring at 60 poses unique challenges, particularly regarding the sustainability of one's savings. The commonly recommended 4% rule may not be suitable due to the longer lifespan needed for financial security. Experts suggest a more conservative approach of a 3.5% withdrawal rate for those retiring early, especially with a substantial nest egg like $3 million. This can offer a comfortable income while also factoring in future Social Security benefits. Consulting a financial advisor can help ensure a tailored approach that meets individual circumstances and lifestyle needs.
Although the 4% rule is a well-known withdrawal strategy, for retirees starting at age 60, a more conservative 3.5% withdrawal rate may be wiser.
Retiring at 60 with a $3 million nest egg offers flexibility, but managing this amount wisely is crucial for long-term financial health.
Experts caution against relying solely on the 4% rule for retirement withdrawals, as it may not be suitable for those needing funds to last over 30 years.
If you're considering retiring early, collaborating with a financial advisor can help you create a sustainable strategy and ensure your savings last.
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