"When considering retirement at 50 with a $2 million nest egg, you need to ensure it will cover your expenses without depleting your funds too quickly."
"To safely retire at 50, the recommended withdrawal rate is 3.7%, translating to about $74,000 annually from a $2 million investment."
While having a nest egg of $2 million puts you in a favorable position compared to the average 50-year-old, it doesn't guarantee retirement at 50. Before quitting your job, evaluate your spending needs and implement a safe withdrawal strategy, with experts recommending a 3.7% rate, which equates to approximately $74,000 annually. Additionally, consider healthcare costs and lifestyle expenses, ensuring you can comfortably live on the income your investments generate without prematurely depleting your savings.
Read at 24/7 Wall St.
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