“I think a million dollars is a good goal to have in mind, but it depends on a person’s unique circumstances,” says Mindy Yu, director of investing for Betterment, a 401(k) retirement plan provider. Your specific retirement savings needs will depend on factors such lifestyle choices and...
While that’s encouraging news, investors still face the question: How long will $1 million last in retirement? That question has become even more important recently as inflation drives up the cost of living. Health care expenses, which typically rise as people age, have increased faster than ...
If you're lucky, you may not have to rely entirely on your savings in retirement. Most workers are eligible for Social Security benefits once they retire, and that can help ease the burden on your nest egg. You can see your estimated future benefit amount by checking your statements, eithe...
While it would be great to have enough money saved to have $100,000 worth of retirement income each year, the truth is that you may not need that much at all to live comfortably. What’s important is to get clear on your expenses and what you want to do during retire...
When it comes to required minimum distributions, or RMDs, from retirement accounts, the rules have changed a bit in recent years. For a long time, the RMD age was 70 1/2 years old, but it now stands at 73. If you turned 73 in 2024, you must take your first RMD by April 1, ...
There are other strategies you can take to help you with a comfortable retirement on a much smaller nest egg. For instance: Delay retiring a few years: The longer you wait before retiring, the shorter the amount of time your nest egg will have to cover your costs. In addition, the ...
In addition to Social Security benefits, $1 million in retirement lasts only 12 years in Hawaii, but stretches to 89 years in West Virginia.
Daydreaming about retirement can be easy—but how much do you really need to retire? Find out more about planning for a comfortable retirement here.
In this article, let’s focus on the second step: Saving money. If we want to have P1 million by age 60, how much money do we need to save? The answer is not that clear cut as this depends on two things: how many remaining years you have before age 60 and rate of return of ...
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