"The idea of retiring can be scary, and understandably so. After all, you're going from earning a steady paycheck to having to live off of savings."
"It's a matter of crunching the numbers and understanding that a retirement budget of $10,000 to $12,000 a month is achievable with good savings."
"Since the poster is retiring earlier, a 3% withdrawal rate may be more suitable for them, as the traditional 4% rule might not apply."
"Consulting a financial advisor could help retirees feel more secure about their financial plans and provide personalized strategies to meet their goals."
Retiring can induce anxiety, particularly when transitioning from a steady paycheck to relying on savings. One individual, 59 years old with a net worth exceeding $6 million, is contemplating retirement, estimating a monthly requirement of $10,000 to $12,000. Despite a healthy savings account, concerns linger about financial sustainability post-retirement. To alleviate this, confirming a budget against savings using appropriate withdrawal rates, like 3% for early retirements, becomes pivotal. Consulting financial advisors may also provide strategic insight and enhance confidence in financial decisions.
Read at 24/7 Wall St.
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