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For a more in-depth look, GOBankingRates spoke with two retirement planning experts to seewhether these numbers make sense.
For instance, with $1 million in retirement savings, you could expect to withdraw $40,000 annually.
will earn you in total.
The formula is:lump sum needed = cash flow needed / growth rate.
Here are the retirement planning considerations that will confirm if your ideal savings amount will work.
Healthcare Costs
Healthcare costs, which tend to rise with age, are another critical consideration.
Medicare helps, but it doesnt cover everything, explained Meyer.
Retirees often need supplemental insurance and mustbudgetfor out-of-pocket expenses, which can be substantial over time.
This means that even if $1.5 million seems excessive initially, you might never be too cautious.
This range is just a starting point for your research.
It provides a balance between ensuring financial security and the freedom to enjoy life after decades of work.
; (2) How much money do you think youll need in retirement?
; (3) How much do you spend or expect to spend monthly during your retirement?
; (5) How much of your retirement do you plan to fund with Social Security?
; (6) At what age did you or do you plan to claim Social Security benefits?
; (7) Did you or do you think you will have to move to afford your retirement?
; (9) What sources of income will you have in retirement?
; (11) If you retired early, at what age did you retire?
; (13) Do you think retiring around age 65 is financially possible for most Americans?
; (14) What worries you financially about retirement?
GOBankingRates used PureSpectrums survey platform to conduct the poll.
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